A trader works on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., September 13, 2022. Goldman Sachs cut its year-end 2022 target for the benchmark S&P 500 index (.SPX) by about 16% to 3,600 points, a 4.2% decline from current levels. read moreThe CBOE volatility index (.VIX), also known as Wall Street's fear gauge, rose to 28.72 points. Meanwhile, Fed Chair Jerome Powell is set to give opening remarks on the transition to the post-pandemic economy at an event at 2 p.m. On the data front, investors will closely monitor flash reading on business activity data from S&P Global at 09:45 am ET.

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