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A Peek Into The Markets: US Stock Futures Tumble As Trump Administration Unveils More China Tariffs

A Peek Into The Markets: US Stock Futures Tumble As Trump Administration Unveils More China Tariffs

Pre-open movers

U.S. stock futures traded lower in early pre-market trade, following news that the US government will impose taxes on further $200 billion worth of Chinese imports. The Producer Price Index for June will be released at 8:30 a.m. ET, while wholesale inventories report for May is schedule for release at 10:00 a.m. ET. New York Federal Reserve Bank President John Williams is set to speak in Brooklyn, NYSE: at 4:30 p.m. ET.

Futures for the Dow Jones Industrial Average dipped 202 points to 24,725.00, while the Standard & Poor’s 500 index futures traded fell 19 points to 2,777.75. Futures for the Nasdaq 100 index declined 63 points to 7,238.25.

Oil prices traded lower as Brent crude futures fell 2.07 percent to trade at $77.23 per barrel, while US WTI crude futures fell 0.63 percent to trade at $73.64 a barrel. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 1.20 percent, STOXX Europe 600 Index dropping 1.18 percent and German DAX 30 index declining 1.35 percent. The UK's FTSE index was trading lower by 1.17 percent, while French CAC 40 Index dropped 1.24 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 1.19 percent, Hong Kong’s Hang Seng Index fell 1.29 percent, China’s Shanghai Composite Index dipped 1.76 percent and India’s BSE Sensex rose 0.07 percent.

Broker Recommendation

Analysts at Stifel Nicolaus upgraded Conn's Inc (NASDAQ: CONN) from Hold to Buy.

Conn's shares rose 2.79 percent to $36.90 in pre-market trading.

Breaking News

  • WD-40 Company (NASDAQ: WDFC) reported upbeat results for its third quarter, but lowered its FY18 guidance.
  • Sempra Energy (NYSE: SRE) priced its 9.75 million share public offering of common stock at $113.75 per share.
  • CytomX Therapeutics Inc (NASDAQ: CTMX) disclosed a proposed $125 million common stock offering.
  • Systemax (NYSE: SYX) reported the receipt of negotiated irrevocable binding offer from Germany’s Bechtle AG for purchase of its France operations.

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Posted-In: A Peek Into The Markets China TariffsNews Eurozone Futures Global Pre-Market Outlook Markets

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