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American futures dive on strengthening trade tensions
On Monday, American futures dived because soaring trade tensions between China and the United States kept putting pressure on market participants.
The S&P 500 futures dived by 0.58% being worth 2,786.25, Dow futures slumped by 0.70% hitting 24,933.0. At the same time Nasdaq 100 futures headed south 0.69% trading at 7,231.25.
On Friday, American leader Donald Trump came up with a 25% duty on 818 China’s goods worth $34 billion starting on July 6. In turn, China rolled out a 25% duty on American goods, including vehicles soybeans.
The two world’s leading economies have been arguing over global trade duties for several months, both refusing to have their trade differences reconciled. The duties have ramped up chances of a devastating global trade conflict because Canada and the European Union have made up its mind to effectively respond to American metal duties.
Chinese e-commerce company Jd.Com Inc Adr happened to be among the top-notch performers in pre-market trading, soaring 8.51% after Google informed it was pumping $550 million in the company.
In addition to this, Bank of America went down by 0.41% and Tesla lost 1.35%. As for General Electric, its equities headed south by 0.45%. Additionally, technology stocks dived, with Netflix sinking 0.66% and Facebook losing 0.56%. The equities of Intel inched down 0.93%.
In the European Union, equities generally dipped. Germany’s DAX edged down by 1.25%, France’s CAC 40 headed south by 1.10%, while London’s FTSE 100 decreased by 0.36%. Besides this, the European Euro Stoxx 50 slumped by 1.17%, Spain’s IBEX 35 decreased by 0.71%.
As for commodities, gold futures managed to gain up to 0.39% coming up with an outcome of $1,283.50 a troy ounce. Crude futures went down by 0.42% demonstrating $64.58 a barrel.
The US dollar index that estimates the major American currency versus its six main counterparts, declined by 0.04% reaching 94.41.
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