Via Fox Business

Stocks slide amid US-China trade tensions

Moody’s chief economist John Lonski and Milken Institute chief economist Bill Lee discuss how stocks plunged after China announced it was going to raise tariffs on $60 billion worth of U.S. goods.

U.S. stock futures rose Tuesday, one day after the Dow Jones Industrial Average and the S&P 500 lost over 2 percent, marking the worst start to May since 1970.

Wall Street appeared to have expected the worsening of tensions between the U.S. and China after Beijing said it would raise tariffs on $60 billion of U.S. imports in response to President Trump’s tariff hike last week.

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Futures for the Dow Jones Industrial Average were up 0.57 percent and the Nasdaq Composite were higher by 0.68 percent. Futures for the tech-heavy Nasdaq Composite were up 0.92 percent.

Ticker Security Last Change %Chg
I:DJI DOW JONES AVERAGES 25324.99 -617.38 -2.38%
SP500 S&P 500 2811.87 -69.53 -2.41%
I:COMP NASDAQ COMPOSITE INDEX 7647.02382 -269.92 -3.41%

Ride-hailing firm Uber’s stock is up almost 2 percent premarket; if it can hold those gains through Tuesday’s close it would be the first positive day for Uber as a public company, following Friday’s disastrous IPO where the stock fell 7.62 percent on Friday and 10.75 percent Monday. Shares of Lyft are also along for the ride.

Ticker Security Last Change %Chg
UBER UBER TECHNOLOGIES INC 37.10 -4.47 -10.75%
LYFT LYFT INC. 48.15 -2.94 -5.75%

The yield on the 10-year Treasury was flat at 2.41 percent.

Crude oil prices slipped modestly, with West Texas Intermediate, the U.S. benchmark, selling for $61 per 42-gallon barrel.

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China’s Shanghai Composite closed down 0.69 percent, the Hang Seng was lower 1.50 percent and Japan’s Nikkei 225 ended off 0.59 percent.

Britain’s FTSE 100 was up 0.81 percent, France’s CAC 40 climbed 0.93 percent and Germany’s DAX rose 0.44 percent.