Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Stocks- U.S. Futures Slump as Trade Tensions Escalate

Published 06/15/2018, 06:46 AM
Updated 06/15/2018, 06:46 AM
© Reuters.  U.S. Futures pointed to a lower opening bell on Wall Street.

© Reuters. U.S. Futures pointed to a lower opening bell on Wall Street.

Investing.com – U.S. futures slumped on Friday as trade tensions between the U.S. and China escalated.

The S&P 500 futures was down 11 points or 0.42% to 2,776.75 as of 6:45 AM ET (10:45 GMT) while Dow futures decreased 152 points or 0.60% to 25,058.0. Meanwhile tech heavy Nasdaq 100 futures fell 19 points or 0.26% to 7,292.25.

U.S. President Donald Trump announced tariffs on $50 billion of Chinese goods, with a list of 800 products expected to revealed on Friday. It is unclear what goods will be impacted and when the tariffs will go into effect.

The two largest economies in the world have been in a tit-for-tat over global trade tariffs in recent months as the two struggle to reconcile their trade differences. The tariffs have increased chances of a full-blown global trade war as the European Union and Canada have voted to retaliate against U.S. metal tariffs.

JPMorgan (NYSE:JPM) was among the top gainers in pre-market trading, rising 0.25% while Anheuser Busch Inbev (BR:ABI) NV ADR (NYSE:BUD) surged 1.88%.

Elsewhere General Electric (NYSE:GE) slumped 1.03% while Facebook (NASDAQ:FB) lost 0.59% and cruise ship firm Carnival (LON:CCL) Plc ADS (NYSE:CUK) (LON:CCL) was down 2.76%.

In economic news, Michigan’s consumer expectations index is due at 10:00 AM ET (14:00 GMT) with industrial production coming out at the same time. The New York Fed’s Empire State manufacturing index is at 08:30 AM ET (12:30 GMT).

In Europe stocks were mostly down. Germany’s DAX fell 28 points or 0.21% while in France the CAC 40 increased eight points or 0.16% and in London, the FTSE 100 was down 64 points or 0.83%. Meanwhile the pan-European Euro Stoxx 50 lost 11 points or 0.31% while Spain’s IBEX 35 slumped 127 points or 1.28%.

In commodities, gold futures were down 0.49% to $1,301.90 a troy ounce while crude oil futures fell 0.33% to $66.67 a barrel. The U.S. dollar index which measures the greenback against a basket of six major currencies, was down 0.11% to 94.83.

Latest comments

Metal sector will be rise again.
Kanak.....an inverted yield curve on the horizon, a 4th hike on the table and the US dollar eyeballing 107 by next year amid increasing tariffs all point to gold in particular being crushed. It’s a no brainer so I hope your not holding on hope over fact.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.