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Stocks - U.S. Futures Fall as Trump Reiterates China Tariff Threats 

Stock Markets Nov 20, 2019 06:43AM ET
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Investing.com - U.S. futures tumbled on Wednesday after President Donald Trump repeated threats to increase tariffs against China if the two sides do not reach a trade deal soon.

“If we don’t make a deal with China, I’ll just raise the tariffs even higher,” Trump told reporters on Tuesday. His comments spooked investors, who have been sensitive to trade developments. Beijing and Washington are working on a “phase one” deal to end their 17-month impasse but so far no details on progress have come forth.

Tensions were exasperated by the U.S. Senate passing legislation backing Hong Kong protesters, that would ban the export of items like tear gas and rubber bullets to the city's police force, as conflict between the two sides escalated this week. Chinese foreign ministry spokesman Geng Shuang lashed out against the vote, saying it “seriously violated international law and basic norms governing international relations.”

The Nasdaq 100 fell 41 points or 0.5% by 6:40 AM ET (11:40 GMT), while Dow futures lost 103 points or 0.4% and S&P 500 futures dropped 10 points or 0.4%.

Urban Outfitters Inc (NASDAQ:URBN) tanked 16.1% after missing third-quarter profit and sales forecasts, with the brand name posting flat same-store sales growth. Pacific Gas & Electric Co (NYSE:PCG) fell 4.7% in premarket trading, while Micron Technology Inc (NASDAQ:MU) was down 1.3%.

Elsewhere, Lowe’s Companies Inc (NYSE:LOW) gained 5% after its earnings came in better than expected and same-store sales rose by 3%. Still, the company failed to beat revenue expectations and said it plans to close 34 stores in Canada.

On the data front, the minutes from the Federal Reserve’s October meeting are released at 2:00 PM ET.

In commodities, gold futures rose 0.2% to $1,477.25 a troy ounce, while the U.S. dollar index, which measures the greenback against a basket of six major currencies, inched up 0.1% to 97.873. Crude oil futures rose 0.3% to $55.53 a barrel.

Stocks - U.S. Futures Fall as Trump Reiterates China Tariff Threats 
 

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Comments (19)
Charles Kao
ckao Nov 21, 2019 12:28AM ET
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From 0 to 25% is a shock, from 25% to 35% is so be it.
Bob Carlson
2CentsWorth Nov 21, 2019 12:13AM ET
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I'm feeling like, who cares. At least we'll get some better quality products from another country
Foggy Dogbreath
Foggy Dogbreath Nov 20, 2019 2:00PM ET
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And yet, the stock market has never been healthier. 18+% returns on my 401k!
Hank Williams
Hank Williams Nov 20, 2019 9:14AM ET
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China pays less for gasoline than US. That needs to change.
Chic Surinthum
Chic Surinthum Nov 20, 2019 8:36AM ET
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Trump so weakness
Chic Surinthum
Chic Surinthum Nov 20, 2019 8:36AM ET
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If trump leave out dowjon go 35000
Brady Murray
Brady Murray Nov 20, 2019 8:36AM ET
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Foggy Dogbreath
Foggy Dogbreath Nov 20, 2019 8:36AM ET
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Chic Surinthum  First, learn English. Then, learn about financial markets.
Al Vlaj
alvlaj Nov 20, 2019 8:28AM ET
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Game show host cant close a deal, huh? Shocker.
Dietmar Stahl
Dietmar Stahl Nov 20, 2019 8:09AM ET
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Why Chinese companies are building apartment complexes in US? The take over are silently started.
Derek Schuger
Derek Schuger Nov 20, 2019 8:09AM ET
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So made in china or made in us?
Kari Rastas
Kari Rastas Nov 20, 2019 8:08AM ET
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Trumpty Dumpty neads to get back on the wall. And stay away from Wall st.
Dietmar Stahl
Dietmar Stahl Nov 20, 2019 8:08AM ET
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Why Chinese allowed to come to US and study here????
Dietmar Stahl
Dietmar Stahl Nov 20, 2019 8:06AM ET
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Better no imports at all otherwise China will take over US within the next 25-50 years
Ravjir Urjinee
Ravjir Urjinee Nov 20, 2019 8:06AM ET
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You know everyhing you use is from China right! No imports no cars, no clothes etc. Do you live under a rock? Also its already happened. 25-50 years LOL. Famous words “Never underestimate your opponent” !
 
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