Stock futures fell Thursday as Wall Street braced for an escalation in the trade conflict between the U.S. and China, with both sides making tariff threats against one another, even as trade talks resume late Thursday afternoon.
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China threatened to retaliate against the U.S. if President Trump goes ahead with his plan for a sharp increase in tariffs against the world’s second-largest economy.
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Beijing’s threat, which it issued Thursday, responds to Trump’s decision, announced over the weekend, to slap an additional 25 percent tariff on $325 billion worth of Chinese goods, which the administration says will kick in Friday at 12:01 a.m. ET
The trade tensions have been weighing on markets. The S&P 500 and Nasdaq are already on track for their worst week of 2019, specifically, since the week ending Dec. 21 when they tumbled more than 7 percent.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 25967.33 | +2.24 | +0.01% |
| SP500 | S&P 500 | 2879.42 | -4.63 | -0.16% |
| I:COMP | NASDAQ COMPOSITE INDEX | 7943.319298 | -20.44 | -0.26% |
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Ahead of the open the Dow Jones Industrial Average was looking at its largest weekly since March 8. However, if the Dow falls more than 49 points on Thursday, the blue-chip index will also suffer its worst week since Dec. 21, 2019.
The S&P 500 and Nasdaq are on track for a fourth day of losses, which would be the longest losing streak in two months, since five days of losses ending March 8.
The yield on the 10-year Treasury slipped to 2.44 percent.
Crude oil prices declined to $61.38 per barrel.
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China’s Shanghai Composite closed down 1.48 percent, the Hang Seng was off 2.39 percent and Japan’s Nikkei 225 declined 0.93 percent.
Britain’s FTSE 100 was down 0.39 percent, France’s CAC 40 fell 1.32 percent and Germany’s DAX retreated 0.95 percent.
