Stocks- U.S. Futures Slump After Trump Threatens Tariffs on All Chinese Imports By Investing.com

Stocks- U.S. Futures Slump After Trump Threatens Tariffs on All Chinese Imports

Stock Markets23 minutes ago (Jul 20, 2018 06:50AM ET)

© Reuters. U.S. Futures pointed to a lower opening bell on Wall Street. © Reuters. U.S. Futures pointed to a lower opening bell on Wall Street.

Investing.com – U.S. futures took a sudden dive on Friday, after U.S. President Donald Trump threatened to impose tariffs on all Chinese imports.

The S&P 500 futures fell six points or 0.23% to 2,798.75 as of 6:48 AM ET ( 10:48 GMT) while Dow futures decreased 100 points or 0.40% to 24,959.0. Meanwhile tech heavy Nasdaq 100 futures inched up six points or 0.09% to 7,374.50.

“I’m not doing this for politics, I’m doing this to do the right thing for our country” he said on CNBC’s Squawk Box. “We have been ripped off by China for a long time.”

The U.S. has already imposed tariffs on $34 billion of Chinese goods, with another $200 billion being looked at. China has already retaliated with $34 billion of its own tariffs on American goods.

On the earnings front, General Electric (NYSE:GE) surged 2.77% and Honeywell International Inc (NYSE:HON) rose 0.72% in pre-market trading after their earnings came in higher than expected. State Street Corporation (NYSE:STT), Baker Hughes A Ge Company LLC (NYSE:BHGE), and others are also expected to report on Friday.

Microsoft (NASDAQ:MSFT) was among the top gainers in before the morning bell, rising 3.69% after reporting higher than expected earnings while Facebook (NASDAQ:FB) increased 0.23%.

Meanwhile other technology stocks fell, with Tesla (NASDAQ:TSLA) down 0.07%, Netflix (NASDAQ:NFLX) decreasing 0.32% and Intel (NASDAQ:INTC) falling 0.12%.

In Europe stocks also slumped after Trump’s comments. Germany’s DAX fell 70 points or 0.55% while in France the CAC 40 decreased 42 points or 0.79% and in London, the FTSE 100 was down 23 points or 0.31%. Meanwhile the pan-European Euro Stoxx 50 slipped 15 points or 0.44% while Spain’s IBEX 35 lost 40 points or 0.42%.

In commodities, gold futures fell 0.01% to $1,223.90 a troy ounce while crude oil futures decreased 0.40% to $67.97 a barrel. The U.S. dollar index which measures the greenback against a basket of six major currencies, was down 0.09% to 94.89.

Stocks- U.S. Futures Slump After Trump Threatens Tariffs on All Chinese Imports

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