Investing.com – U.S. futures were lower in light trade on Friday, as tensions between America and China resurfaced.
The S&P 500 futures was down 4 points or 0.16% at 2,897.50 as of 6:47 AM ET (10:47 GMT) while Dow futures dipped 43 points, or 0.17%, to 25,967.0. Meanwhile tech heavy Nasdaq 100 futures decreased 7 points, or 0.09%,to 7,641.75.
U.S. President Donald Trump wants to move ahead with a plan to impose tariffs on $200 billion worth of Chinese goods when the public comment period ends next week.China warned on Friday that putting pressure on Beijing won’t work.
Meanwhile the European Union offered to eliminate tariffs on cars, but Trump said the offer was “not good enough.” Trump has threatened to impose a 25% tariff on all vehicles, with the EU threatening to retaliate.
Investors are also watching trade negotiations between the U.S. and Canada ahead of a deadline at the end of the day. The U.S. reached a deal with Mexico on Monday and has given Canada until Friday to join in the new trade deal.
Trade is expected to be light ahead of the Labor Day weekend, with markets closed on Monday.
Amazon.com (NASDAQ:AMZN) was up 0.13% in pre-market trading, after it hit a record $1 trillion in market valuation on Thursday, matching Apple Inc (NASDAQ:AAPL) valuation. Beverage firm Coca-Cola Company (NYSE:KO) surged 1.11% amid news that it was buying coffee chain Costa.
Elsewhere alcoholic beverage firm Anheuser Busch Inbev (BR:ABI) NV ADR (NYSE:BUD) fell 2.10% while luxury car maker Tesla (NASDAQ:TSLA) dipped 0.30% after reports that BlackRock voted to replace chief executive Elon Musk with an independent chairman.
In Europe stocks were down. Germany’s DAX fell 105 points or 0.84% while in France the CAC 40 was down 64 points or 1.17% and in London the FTSE 100 decreased 36 points or 0.48%. Meanwhile the pan-European Euro Stoxx 50 dipped 33 points or 0.97% while Spain’s IBEX 35 lost 75 points or 0.79%.
In commodities, gold futures rose 0.61% to $1,212.30 a troy ounce while crude oil futures decreased 0.71% to $69.75 a barrel. The U.S. dollar index which measures the greenback against a basket of six major currencies, inched up 0.02% to 94.66.