U.S. stock index futures fell on Tuesday, as Washington's new round of tariffs on some Chinese goods kicked in and after a report that officials ...
REUTERS: U.S. stock index futures fell on Tuesday, as Washington's new round of tariffs on some Chinese goods kicked in and after a report that officials from both sides were struggling to decide on the schedule for a meeting this month.
Shares of trade-sensitive industrial bellwethers Caterpillar Inc and Boeing Co fell 1.5per cent each in premarket trading, while those of Apple Inc fell 1per cent.A monthly survey on manufacturing activity by the Institute for Supply Management, due at 10 a.m. ET, is expected to shed some light on the impact of the trade war on the U.S. industrial sector. The S&P 500 index fell 1.8per cent in August, its biggest monthly drop since May, after escalating U.S.-China trade tensions and the inversion of a key part of the U.S. yield curve, seen as a recessionary signal, drove investors toward safe-haven assets. The benchmark index, however, ended the week up nearly 3per cent as trade tensions were dialed down following signals that Beijing and Washington would meet in September for talks. Bloomberg, however, reported on Monday that the two sides were yet to agree on a date for the planned meeting.The Trump administration on Sunday began collecting 15per cent tariffs on more than US$125 billion in Chinese imports, while China began imposing new duties on U.S. crude. Chipmakers, which draw a large portion of their revenue from China, also fell, with Intel Corp , Advanced Micro Devices and Micron Technology Inc off between 1.4per cent and 2per cent. At 7:27 a.m. ET, Dow e-minis were down 207 points, or 0.78per cent. S&P 500 e-minis were down 21.25 points, or 0.73per cent and Nasdaq 100 e-minis were down 63.25 points, or 0.82per cent. Along with the manufacturing data, investors will also keep a close watch on the monthly jobs report due Friday for clues on the health of the U.S. economy.Also on Friday, Federal Reserve Chair Jerome Powell will speak at an event hosted by the Swiss Institute of International Studies, University of Zurich.
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