Dow futures sharply lower amid intensifying trade war concerns – CNBC

U.S. stock index futures fell on Monday, the first buying and selling day of June, after China’s rhetoric on U.S. alternate relationship intensified over the weekend.

At around 6: 52 a.m. ET, Dow Jones Industrial Moderate futures slipped 93 aspects, indicating a tumble of 95 aspects at the open. Futures on the S&P 500 and Nasdaq 100 additionally fell. The Dow came into Monday’s session having logged in six straight weeks of losses, the index’s longest weekly scoot since 2011.

Shares of Caterpillar and Boeing, two alternate bellwethers of world alternate, fell 2.2% and 1.1%, respectively. Alphabet shares additionally dropped 3% after the Justice Department is reportedly investigating the tech firm for antitrust violations.

Chinese language Vice Commerce Minister Wang Shouwen stated in a white paper Sunday that Washington wouldn’t be succesful to utilize tension to power a alternate deal on Beijing. He additionally refused to inform whether or now not the leaders of every countries would meet at the G-20 summit to figure out an settlement later this month.

Wang added: “The U.S. has backtracked, and in the occasion you give them an creep, they desire a yard.”

The remarks from Wang follow a month of heightened alternate tensions between the sector’s largest economies. The U.S. hiked tariffs on $200 billion value of Chinese language items in May well also. China retaliated with increased tariffs on U.S. imports.

Commerce worries additionally rattled Wall Avenue final week after President Donald Trump threatened to slap a 5% fee on all imports from Mexico. The likelihood sent shares tumbling on Friday. 

On the files entrance, a closing studying of manufacturing PMI (Shopping Managers’ Index) files for May well also will likely be launched at around 9: 45 a.m. ET. The Institute for Present Administration (ISM) manufacturing index for May well also, construction spending figures for April and most modern light automobile gross sales files will all follow rather later in the session.