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Stocks - U.S. Futures Fall as Tit-for-Tat Trade War Continues 

Published 10/08/2019, 07:08 AM
Updated 10/08/2019, 07:10 AM
© Reuters. - U.S. futures tumbled on Tuesday, as the prospects of any sort of detente between the U.S. and China this week faded, and the EU and U.K. lurched further toward a disorderly 'Hard Brexit'.

China suspended broadcasts of NBA games in the country after Commissioner Adam Silver defended Houston Rockets General Manager Dave Morey tweeting his support for pro-democracy protests in Hong Kong.

The move came hours after the U.S. blacklisted 28 Chinese entities, including surveillance camera maker Hikvision, for their role in China’s alleged repression of Muslim minorities.

Meanwhile, the chance of avoiding a Hard Brexit also fell after German Chancellor Angela Merkel told U.K. Prime Minister Boris Johnson that his proposals to avoid border infrastructure on the island of Ireland were unworkable.

Nasdaq 100 futures lost 59 points or 0.8% by 7:00 AM ET (11:00 GMT), while Dow futures slumped 201 points or 0.8% and S&P 500 futures were down 21 points or 0.7%.

Boeing (NYSE:BA) declined 2.1% after the Wall Street Journal reported that the return of the 737 MAX could be delayed by the European Aviation Safety Agency’s refusal to accept FAA assurances that the planes are safe.

The ADRs of Nokia (NYSE:NOK) and Ericsson (NASDAQ:ERIC) ticked up in premarket trade after the Financial Times reported that the U.S. is looking for ways to funnel money to Huawei’s European rivals, including offering credit to the two telecommunication companies.

On the earnings front, Yum! Brands (NYSE:YUM) and Domino’s Pizza report before the open, while figures from Levi Strauss (NYSE:LEVI) come out after the close.

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In commodities, crude oil futures slumped 1.2% to $52.12 a barrel. Gold futures were up 0.5% to $1,510.75 a troy ounce, while the U.S. dollar index, which measures the greenback against a basket of six major currencies, inched down 0.1% to 98.588.

Latest comments

Trump Bubble followed by Trump Dump.
Dump trump
Twitter is now fun coz the only person tweeting is Mr Trump
tit for tat seems to be the flavour of the world hmmmmmmm. Superiority Inferiority stronger weaker ....THIS WORLD IS A WRECK what a shame
It's been 100% in favor of China, thanks to last 4 presidents; why not 100% in favor of US for a change now? Besides in a win win deal both parties win, assuming both are committed to playing fair. Hummm? Who has been cheating? I think we all know that.
what was wrong with ttp? it was a framework with many allies onboard against China's policy and expansion. why wasn't trump nor the republicans in favor?
One day, somebody in China, will make a list of all the retaliation made against them, and that will be the end of this first chapter. Also will start the real negotiation, if, still exists something available. Meanwhile looks that is a tactic to add, weekly, another issue that clearly don't help at all for a solution in the trade war. And the market will respond.
No one looks optimistic of positive outcome of trade talk between US and China and same reflecting on equity and commodity.Trump can surprise, be aware.
do you want more surprises from Cadet Bone Spurs ?
58% of USA supports #impeachable. Here comes the rain again..
They just do it becuase to be get benefited from ups and down of market
I think the serial money-launderer is making waves for his inside trader buddies
"U.S. blacklisted 28 Chinese entities" are we heading to a new cold war?
True, but the amount of "middle class" people in China is more than the US population. They have money and they spend it.
welI....I was talking about the nominal GDP
u right on it...
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