Dow futures drop over 150 points as trade war worries persist

Big 5

U.S. stock index futures were lower Thursday morning, as market participants continue to monitor an intensifying trade war between the world’s two largest economies.

At around 03:15 a.m. ET, Dow futures slipped 167 points, indicating a negative open of more than 165 points. Futures on the S&P and Nasdaq were both seen slightly lower.

Late Wednesday, two separate media reports suggested the U.S. administration was considering restricting Hikvision — a Chinese surveillance equipment provider — from buying U.S. components. The move would mark another escalation in already fraught ties between Washington and Beijing.

The U.S. and China have imposed tariffs on billions of dollars’ worth of one another’s goods since the start of 2018, battering financial markets and souring business and consumer sentiment.

 

Meanwhile, investors are likely to monitor a flurry of economic data reports on Thursday. The latest weekly jobless claims data is set to be published at around 8:30 a.m. ET, followed by a flash reading of manufacturing and services PMI figures for May.

New home sales for April and Kansas City Fed survey data for May are both scheduled for release later in the session.

In corporate news, Medtronic, Royal Bank of Canada, and Best Buy are among some of the companies set to report their latest quarterly results before the opening bell.

Autodesk, Hewlett Packard, and Intuit are all set to report their latest figures after market close.

Source: CNBC

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