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U.S. Stock Futures Point Sharply Lower on Trade Concerns

Stock MarketsSep 03, 2019 07:03AM ET
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© Reuters.

Investing.com - U.S. stock futures pointed to a sharply lower open on Tuesday as concerns over the latest escalation in the U.S.-China trade war drove investors into safe haven assets.

The blue-chip Dow futures shed 203 points, or 0.7% by 6:52 AM ET (10:52 GMT), S&P 500 futures were down 21 points, or 0.7%, while the Nasdaq 100 futures was down 6 points, or 0.8%.

The declines came as U.S. markets prepared to reopen after the long Labor Day weekend.

The U.S. on Sunday began imposing 15% tariffs on a variety of Chinese goods. Meanwhile, China began imposing new duties on U.S. imports including crude oil, and on Monday filed a formal complaint over the U.S. tariffs at the World Trade Organization.

Although U.S. President Donald Trump has said both sides would still meet for talks later this month, there was no agreement over the weekend on the timing.

Investors were looking ahead to the ISM manufacturing survey, due at 10 AM ET (1400 GMT).

Last month’s index reading of 51.2 was the lowest since Trump was elected in 2016. Analysts expect it to inch down to 51.1, still just above the 50 level that separates growth from contraction.

"The ISM ... is going to be (a) particular important market mover as those who have been buying bonds strongly, suggesting that the U.S. is on course for recession, need to see some sort of justification," said Andrew Milligan, head of global strategy at Aberdeen Standard Investments.

IHS Markit’s PMI for U.S. manufacturing, which already last month suggested the sector was in recession is also due.

Outside of equities, the U.S. dollar index, which measures the greenback against six developed-market currencies, was up 0.4% to 99.22, while the yield on the 10-year Treasury was last trading at 1.48%, still below the yield on the two-year note.

The British pound was the big mover in foreign exchange markets, falling below 1.20 to its lowest level in three years after lawmakers started a move to force Prime Minister Boris Johnson to abandon his plans that could lead to a no-deal Brexit on Oct. 31.

In commodities, gold futures were up $11.75, or 0.7%, at $1,541.1 a troy ounce, while crude oil was down 89 cents, or 1.6%, to $54.19 a barrel.

--Reuters contributed to this report

U.S. Stock Futures Point Sharply Lower on Trade Concerns
 

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Imam Hasani
Imam Hasani Sep 03, 2019 9:47AM ET
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so will the USD rise or fall?
Spencer Dardon
GreenGreta Sep 03, 2019 9:02AM ET
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I'd be happy if we hit December lows!
watson raj
watson raj Sep 03, 2019 8:30AM ET
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investors should not react to news...
Michael Angelo
Michael Angelo Sep 03, 2019 8:30AM ET
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Unfortunately our president not only want to win a war but also is looking for revenge, making all this situation a candidate for a crash. Later will blame the Chinese and the Fed.
Zoltan McVeigh
Zoltan McVeigh Sep 03, 2019 8:30AM ET
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Remember there are two sides. The Chinese are part of this negotiation. After decades of a one sided trade deal they don't want to anything to change.
Vishal Bhosekar
Vishal Bhosekar Sep 03, 2019 8:30AM ET
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well said Michael.....much appreciated your thoughts..
Erski Gumby
SB20 Sep 03, 2019 8:30AM ET
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Revenge from the Chinese for what? China has benefited from Trump’s businesses for decades. China has taken advantage of the trade imbalance from the precious administrations. The US is only seeking to balance the trade.
Jeoffrey Makobo
Jeoffrey Makobo Sep 03, 2019 8:27AM ET
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From where am sitting id say: Most Likely..with the trade war escalating and China also imposing new terrifs duties on U.S to hold them leverage.
Erski Gumby
SB20 Sep 03, 2019 8:27AM ET
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Please finish your sentence. Thank you.
Vishal Bhosekar
Vishal Bhosekar Sep 03, 2019 7:10AM ET
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courtersy to Mr President he is a biggest bear
Franco Paul
Franco Paul Sep 03, 2019 7:10AM ET
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Should we expect the USD currency to go bearish??
Vishal Bhosekar
Vishal Bhosekar Sep 03, 2019 7:10AM ET
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yes, it is ..
Aston Cohen
Aston Cohen Sep 03, 2019 7:06AM ET
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66 points on thr NQ not 6
Deepak Mehta
DMEHTA Sep 03, 2019 7:06AM ET
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Mislead the algos and skip the 6
 
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