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On Wednesday, American stock futures pointed to a steeply lower start because a trade clash between American and China strengthened, thus assisting market participants in ditching assets considered to be more risky.
The S&P 500 futures sank by up to 0.66% being worth 2,778.25, Dow futures headed south by 0.78% coming up with a reading of 24,732. As for the tech-heavy Nasdaq 100 futures, they slumped by 0.83% demonstrating 7,240.75.
As a matter of fact, the trade threat returned into focus after the US current presidential administration uncovered plans late Tuesday to put duties of 10% on an extra $200 billion worth of China’s products.
News of the extra duties drove worries of a trade conflict back into the spotlight a couple of days after the two leading economies imposed duties of about $34 billion on each other.
Apparently, the tit-for-tat duties have powered concerns as for the prospect of a full-fledged trade clash that market participants fear could heavily affect global surge.
The stocks of Twenty-First Century Fox drew attention after it managed to raise its takeover offer for the UK’s Sky to about $32.5 billion, thus sparking a bidding conflict with Comcast.
The stocks of Facebook headed south by 0.82% ahead of the start reacting to reports that it would be fined by the UK’s information watchdog for gaps in the data protection law after the Cambridge Analytica incident.
In addition to this, NVIDIA Corp stocks inched down by 1.68% before the start after on Tuesday the company uncovered a partnership with German car manufacturer Daimler as well as car parts producer Bosch to start testing a self-driving taxi project.
Fastenal, Bank of the Ozarks and MSC Industrial turned out to be among some of the companies expected to reveal their outcomes on Wednesday.
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