Stocks - U.S. Futures Fall as Trade Truce Doubts Weigh
Published Dec 04, 2018 06:42AM ET
Investing.com - U.S. futures pointed to a lower open on Tuesday as optimism over a trade truce between the U.S. and China was replaced by doubts over whether the two countries would be able to resolve their trade dispute in the long run.
The S&P 500 futures fell 9 points or 0.33% to 2,781.50 as of 6:40 AM ET (11:40 GMT) while Dow futures lost 116 points, or 0.45%, to 25,731. Meanwhile tech heavy Nasdaq 100 futures decreased 38 points, or 0.55%, to 7,019.25.
Financial markets rallied on Monday after U.S. President Donald Trump and Chinese President Xi Jinping declared a 90-day ceasefire on trade tariffs as the two countries resumed talks.
But hopes for the tentative ceasefire between Beijing and Washington dimmed after statements on Monday by various Trump administration officials shed little light on the specifics of any trade agreement.
In other trade news, top executives from German automakers Volkswagen (DE:VOWG_p), Daimler and BMW were expected to meet with Trump’s economic adviser Larry Kudlow in Washington later in the day. Trump has previously criticized the companies and threatened to increase tariffs on autos made in the European Union.
Waste Management (NYSE:WM) was among the top gainers in premarket trading, rising 1.49% after an upgrade from Goldman Sachs, according to StreetInsider.com. Perrigo Co (NYSE:PRGO) increased 1.25% and Harmony Gold Mining Company Limited (NYSE:HMY) was up 2.65%.
Carnival (NYSE:CCL) was down 2% after news that it hiked passenger tips for drinks by 3%, while semiconductor Micron (NASDAQ:MU) dipped 1% and Tesla (NASDAQ:TSLA) fell 0.88%.
Technology stocks were also hit, with Netflix (NASDAQ:NFLX) falling 1.48% and Facebook (NASDAQ:FB) inching down 0.47% and Apple (NASDAQ:AAPL) decreasing 1.45%.
In commodities, gold futures rose 0.43% to $1,244.90 a troy ounce while crude oil futures increased 2.23% to $5413 a barrel.
The U.S. dollar index which measures the greenback against a basket of six major currencies, declined 0.55% to 96.43.
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Written By: Investing.com
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