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Stocks - U.S. Futures Fall as Trade Truce Doubts Weigh

Stock MarketsDec 04, 2018 06:42AM ET
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© Reuters.

Investing.com - U.S. futures pointed to a lower open on Tuesday as optimism over a trade truce between the U.S. and China was replaced by doubts over whether the two countries would be able to resolve their trade dispute in the long run.

The S&P 500 futures fell 9 points or 0.33% to 2,781.50 as of 6:40 AM ET (11:40 GMT) while Dow futures lost 116 points, or 0.45%, to 25,731. Meanwhile tech heavy Nasdaq 100 futures decreased 38 points, or 0.55%, to 7,019.25.

Financial markets rallied on Monday after U.S. President Donald Trump and Chinese President Xi Jinping declared a 90-day ceasefire on trade tariffs as the two countries resumed talks.

But hopes for the tentative ceasefire between Beijing and Washington dimmed after statements on Monday by various Trump administration officials shed little light on the specifics of any trade agreement.

In other trade news, top executives from German automakers Volkswagen (DE:VOWG_p), Daimler and BMW were expected to meet with Trump’s economic adviser Larry Kudlow in Washington later in the day. Trump has previously criticized the companies and threatened to increase tariffs on autos made in the European Union.

Waste Management (NYSE:WM) was among the top gainers in premarket trading, rising 1.49% after an upgrade from Goldman Sachs, according to StreetInsider.com. Perrigo Co (NYSE:PRGO) increased 1.25% and Harmony Gold Mining Company Limited (NYSE:HMY) was up 2.65%.

Carnival (NYSE:CCL) was down 2% after news that it hiked passenger tips for drinks by 3%, while semiconductor Micron (NASDAQ:MU) dipped 1% and Tesla (NASDAQ:TSLA) fell 0.88%.

Technology stocks were also hit, with Netflix (NASDAQ:NFLX) falling 1.48% and Facebook (NASDAQ:FB) inching down 0.47% and Apple (NASDAQ:AAPL) decreasing 1.45%.

In commodities, gold futures rose 0.43% to $1,244.90 a troy ounce while crude oil futures increased 2.23% to $5413 a barrel.

The U.S. dollar index which measures the greenback against a basket of six major currencies, declined 0.55% to 96.43.

Stocks - U.S. Futures Fall as Trade Truce Doubts Weigh
 

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Claude Côté
Money123 Dec 04, 2018 4:24PM ET
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DON’T BUY USTrump also reaffirmed his love of tariffs, something that tends to sour the market, saying, “I am a Tariff Man. When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so.”
Arvind Patel
Arvind Patel Dec 04, 2018 7:20AM ET
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It would be better to create a time frame i.e. 5 years to balance the trade at the rate of 125 billions per year from Chine side.Thereafter adjust every year to balance with U.S.A..WTO to make sure it is balanced or impose penalty to equalize.
icouldnotthink67 .
icouldnotthink67 . Dec 04, 2018 7:20AM ET
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This implies that all deficits are bad. Lots of countries run deficits with others and are the better for it.
Kevin Fredrick
Kevin Fredrick Dec 04, 2018 7:20AM ET
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running a trade deficits and better for it? explain that? it definitely not in any of my business models!
 
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