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Stocks- U.S. Futures Slump Ahead of G7 Summit

Stock MarketsJun 08, 2018 06:46AM ET
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© Reuters. U.S. Futures pointed to a lower opening bell on Wall Street. – U.S. futures slumped on Friday, as investors remained cautious ahead of the G7 summit.

The S&P 500 futures was down 15 points or 0.56% to 2,756.75 as of 6:44 AM ET (10:44 GMT) while Dow futures decreased 154 points or 0.61% to 25,114.0. Meanwhile tech heavy Nasdaq 100 futures fell 72 points or 1.01% to 7,088.75.

All eyes are on the G7 meeting, which kicks off on Friday in Quebec, as trade tensions between the U.S. and its key allies remain. France and Germany warned the U.S. that they would not sign a joint statement without concessions, but the American top economic adviser Larry Kudlow warned this week that U.S. President Donald Trump would not back down from his tough stance on trade.

The Federal Reserve's two-day monetary meeting next week was also in focus, with a 90% chance of a rate hike.

Technology stocks were among the hardest hit in pre-market trading, with Apple (NASDAQ:AAPL) falling 1.95% amid reports that suppliers are expecting lower iPhone orders as smartphone demand falls. Semiconductor Micron Technology Inc (NASDAQ:MU) was down 1.81% while Advanced Micro Devices Inc (NASDAQ:AMD) fell 2.15% and social media firm Snap Inc (NYSE:SNAP) decreased 1.48%.

Elsewhere shipping firm Top Ships Inc (NASDAQ:TOPS) surged 9.32% while Banco Bilbao Viscaya Argentaria SA (NYSE:BBVA) rose 4.44% and Grupo Financiero Galicia SA ADR (NASDAQ:GGAL) increased 2.56%.

In Europe stocks were down. Germany’s DAX fell 94 points or 0.74% while in France the CAC 40 decreased six points or 0.12% and in London, the FTSE 100 was down 45 points or 0.60%. Meanwhile the pan-European Euro Stoxx 50 lost 21 points or 0.63% while Spain’s IBEX 35 slumped 99 points or 1.01%.

In commodities, gold futures were up 0.10% to $1,304.30 a troy ounce while crude oil futures fell 0.56% to $65.58 a barrel. The U.S. dollar index which measures the greenback against a basket of six major currencies, was up 0.26% to 93.67.

Stocks- U.S. Futures Slump Ahead of G7 Summit

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