Investing.com - U.S. futures inched down on Tuesday as investors turned cautious on news that the U.S. could hit the European Union with more tariffs.
The U.S. Trade Representative's office added $4 billion worth of EU goods that it could hit with tariffs in retaliation for the bloc’s subsidies to Airbus. The news is part of a 14-year-old dispute between Airbus and Boeing (NYSE:BA), with the U.S. claiming Europe’s subsidies cost the American economy $11 billion each year.
Nasdaq 100 futures fell 11 points or 0.1% by 6:46 AM ET (10:46 GMT), while Dow futures slipped 19 points or 0.1% and S&P 500 futures was down 1 point.
Stocks closed at record highs in the prior session due to the U.S. and China agreeing to a trade truce as they restart negotiations.
Semiconductor companies gave up some of Monday’s gains, with Micron (NASDAQ:MU) down 0.5% and NVIDIA (NASDAQ:NVDA) slipping 0.5%, while Intel (NASDAQ:INTC) inched down 0.1%.
Beauty company Coty Inc (NYSE:COTY) continued to decline 2.3% on news that it is taking a $3 billion write-down on three brands it bought a few years ago.
Elsewhere, Anheuser Busch Inbev (BR:ABI) gained 1.5% after Bloomberg reported that the planned Hong Kong IPO of its Asia Pacific beer unit is priced in the HK$40 to HK$47 range. That means the IPO could raise as much as $9.8 billion. Trading is expected to start on July 19.
In commodities, crude oil slipped 0.3% to $58.94 a barrel, while gold futures gained 0.4% to $1,395.05 a troy ounce. The U.S. dollar index, which measures the greenback against a basket of six major currencies, slipped 0.1% to 96.322.