Futures pointing to losses as trade war jitters worsen
Dow Jones Industrial futures are down 100 points or 0.5 percent. S&P 500 futures are down 0.6 percent. Nasdaq futures are also down 0.6 percent.
Market benchmarks in Frankfurt and Paris rose in early trading while Shanghai and Hong Kong closed lower. London was unchanged and Tokyo was closed for a holiday.
Investors are worried President Trump’s impending Sept. 1 tariff hike on more Chinese imports will scuttle talks aimed at ending their trade war.
Those fears are being balanced out by hopes global central banks will keep interest rates low to shore up economic growth.
|I:DJI||DOW JONES AVERAGES||26287.44||-90.75||-0.34%|
|I:COMP||NASDAQ COMPOSITE INDEX||7959.139704||-80.02||-1.00%|
Wall Street’s benchmark Standard & Poor’s 500 index dropped as much as 1.3 percent Friday after Trump said it would be “fine” if trade talks next month don’t happen.”
This week we’ll hear from 11 members of the S&P 500 and two Dow components – computer networking powerhouse Cisco Systems on Wednesday and discount retailing giant Walmart on Thursday.
In fact retail will be very much in focus in the coming week with three department store chains – Macy’s, Dillard’s and JC Penney reporting.
On this week’s economic calendar, traders will get a look at the impact the trade conflict with China is having. Reports are due on inflation, retail sales productivity and industrial production.
The Associated Press contributed to this article.