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Stocks - U.S. Futures Fall as Trade Concerns Weigh

Published 2018-11-27, 06:42 a/m
Updated 2018-11-27, 07:00 a/m
© Reuters.

© Reuters.

Investing.com - U.S. futures fell on Tuesday, as trade concerns took center stage after U.S. President Donald Trump said he expects to move ahead with increasing tariffs on China.

The S&P 500 futures fell 7 points or 0.28% to 2,662.50 as of 6:40 AM ET (11:40 GMT) while Dow futures dipped 54 points, or 0.22%, to 24,545.0. Meanwhile tech heavy Nasdaq 100 futures decreased 34 points, or 0.51%, to 6,639.0.

Market sentiment deteriorated following a promising start to the week, after Trump told the Wall Street Journal that it is “highly unlikely” that he will hold off on raising tariff rates on China from 10% to 25%. The increase on $200 billion worth of Chinese imports is expected to take effect on January 1.

The comments quashed optimism over a possible trade deal between the two countries. Trump and Chinese President Xi Jinping are expected to meet on the sidelines of the G20 summit in Argentina at the end of the week.

Amazon.com (NASDAQ:AMZN) was among the top gainers in premarket trading, rising 0.17% after the company said Cyber Monday was its biggest shopping day in its history. Spirit Airlines Inc (NYSE:SAVE) jumped 5.98% after it increased its fourth quarter guidance, while Frontline Ltd (NYSE:FRO) increased 9.89% and United Technologies (NYSE:UTX) inched up 1.69% after news that is splitting into three companies.

Elsewhere, Apple (NASDAQ:AAPL) slipped 1.79% after Trump suggested that the U.S. should impose a 10% tariff on iPhones and laptops imported from China. Ferrari (NYSE:RACE) dipped 2.44% while Tesla (NASDAQ:TSLA) was down 1.56% and Facebook (NASDAQ:FB) slumped 0.61%.

Investors will also be paying close attention to a number of upcoming Federal Reserve speakers, including Fed Vice Chair Richard Clarida, Chicago Fed President Charles Evans, Kansas City Fed President Esther George and Atlanta Fed President Raphael Bostic.

In economic news, consumer confidence is released at 10:00 AM ET (15:00 GMT).

In other commodities, gold futures rose 0.12% to $1,230.20 a troy ounce while crude oil futures increased 0.41% to $51.84 a barrel. The U.S. dollar index which measures the greenback against a basket of six major currencies, rallied 0.10% to 97.07.

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