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Stocks- U.S. Futures Slump Amid Russia, Turkey Geopolitical Tensions

Stock MarketsAug 10, 2018 06:49AM ET
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© Reuters. U.S. futures pointed to a lower opening bell on Wall Street.

Investing.com – U.S. futures were lower on Friday as trade risk and geopolitical uncertainty weighed on investor sentiment.

The S&P 500 futures fell 12 points, or 0.43%, to 2,841.50 as of 6:37 AM ET (10:37 GMT) while Dow futures slumped 98 points, or 0.38%, to 25,395.0. Meanwhile tech heavy Nasdaq 100 futures decreased 39 points, or 0.53%,to 7,436.0.

Geopolitical tensions continued after the U.S. imposed fresh sanctions against Russia on Wednesday for its alleged part in poisoning a former British spy and his daughter in the UK.

Russia's Prime Minister Dmitry Medvedev warned Friday that the sanctions could be treated as a declaration of economic war.

Meanwhile the Turkish lira fell to new lows against the dollar after a meeting between Turkish and U.S. officials lead to no solution over the detention of a U.S. pastor in Turkey.

Turkish Finance Minister Berat Albayrak is expected to reveal plans for Turkey’s economy on Friday, but concern over Erdogan’s authoritarianism and the Turkish economy have weighed on investors.

Semiconductor Advanced Micro Devices Inc (NASDAQ:AMD) was among the top gainers in pre-market trading, surging 1.88% while Tesla (NASDAQ:TSLA) rallied 1.75%.

Elsewhere, Intel (NASDAQ:INTC) slumped 2.67% while Dropbox Inc (NASDAQ:DBX) fell 5.32% and Micron Technology (NASDAQ:MU) was down 1.82%. Technology stocks were also down, with Facebook (NASDAQ:FB) inching down 0.46% and Netflix (NASDAQ:NFLX) dipping 0.96%.

On the data front, the consumer price index comes out at 8:30 AM ET (12:30 GMT).

In Europe stocks were lower. Germany’s DAX fell 196 points or 1.55% while in France the CAC 40 decreased 63 points or 1.15% and in London, the FTSE 100 was down 48 points or 0.63%. Meanwhile the pan-European Euro Stoxx 50 lost 45 points or 1.30% while Spain’s IBEX 35 inched down 83 points or 0.86%.

In commodities, gold futures fell 0.22% to $1,217.20 a troy ounce while crude oil futures were up 0.07% to $66.86 a barrel. The U.S. dollar index which measures the greenback against a basket of six major currencies, rose 0.36% to 95.80.

Stocks- U.S. Futures Slump Amid Russia, Turkey Geopolitical Tensions
 

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