U.S. stock futures fell on Tuesday as traders waited for new details to emerge from the latest round of U.S.-China trade talks.
As of 7:05 a.m. ET, Dow Jones Industrial Average futures indicated a drop of 51 points at the open. S&P 500 and Nasdaq 100 futures were barely changed. Markets are set to open Tuesday after the long Presidents Day weekend.
Market players focused their attention on trade negotiations between Washington and Beijing. The White House said Monday that a new session of discussions will take place Tuesday, with higher level talks due later in the week.
Tensions between the two nations have heightened as they attempt to strike a deal to prevent any further escalation in tariffs. The Chinese government said Monday that the U.S. is inhibiting its industrial development by claiming its mobile gear could pose a cybersecurity threat to countries rolling out 5G.
Washington has been putting particular pressure on Huawei, the Chinese telecommunications giant, and is attempting to extradite Chief Financial Officer Meng Wanzhou over charges she committed bank and wire fraud to violate Iran sanctions. The company’s founder Ren Zhengfei — who is also Meng’s father — labelled the move “politically motivated” in an interview with the BBC Monday.
On the earnings front, Walmart reported better-than-expected quarterly results, sending the retailer’s stock up more than 3 percent in the premarket.
Elsewhere, traders will be on the lookout for the National Association of Home Builders housing market index on Tuesday, and are anticipating minutes from the Federal Reserve’s latest policy meeting and other economic data later in the week.
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Source: cnbc.com | Original Link