U.S. stock index futures pointed to a third day of losses on fears the U.S. and China would be unable to resolve a dispute over a proposed trade agreement before new tariffs threatened by President Trump are implemented Friday.
Chinese trade officials backtracked on key aspects of a trade deal draft, undercutting hopes that the Chinese delegation led by Vice Premier Liu this week could salvage the deal, according to a Reuters report.
At around 7:11 a.m. ET, Dow futures fell 135 points, indicating a lower open of about 94 points. Futures on the S&P and Nasdaq were also lower.
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Wall Street ended Tuesday’s session deep in the red on the back of comments from U.S. officials confirming higher tariffs on Chinese goods later this week. President Trump tweeted about the higher tariffs last Sunday, which sparked a global sell-off.
Data released Wednesday morning in China suggested that its trade surplus in April stood at $13.84 billion, well below expectations. However, its trade surplus with the U.S. rose to $21.01 billion in April from $20.5 billion in March.
Investors are also monitoring corporate earnings. Honda Motor, Toyota Motors, The New York Times, and Wendy’s will report their latest results before the bell. Dinery and Fox Corp. will report after the closing bell.
Investors will get another look at the U.S. housing market at 7 a.m. ET, when weekly mortgage claims data are released.
Source: cnbc.com | Original Link