Dow futures turned lower Thursday morning, as investors looked to the two largest economies amid concerns over protracted trade war.
Shares of Boeing weighed on Dow futures, falling sharply after the Federal Aviation Administration said on Wednesday that it has found an issue with the 737 Max that the manufacturer must address before it lifts the national grounding order.
Around 7 a.m. ET, Dow futures indicated a negative open of about 10 points after trading higher earlier in the premarket session. Futures on the S&P and Nasdaq were both seen higher.
Market focus is largely attuned to global trade developments, ahead of a closely watched meeting between President Donald Trump and Chinese President Xi Jinping over the weekend.
On Wednesday, Trump said a bilateral meeting with his Chinese counterpart could lead to a trade deal but warned he was prepared to impose tariffs on virtually all remaining Chinese imports if talks faltered once again.
The South China Morning Post, citing unnamed sources, reported overnight that officials from Washington and Beijing had tentatively agreed to resume talks aimed at resolving the dispute. The report could not be independently verified by CNBC.
Xi is expected to present Trump with the terms it expects the U.S. to meet before Beijing is willing to settle the contentious trade fight between the two nations, The Wall Street Journal reported Thursday, citing Chinese officials.
An agreement between Trump and Xi at the G-20 summit in Japan would avert the next round of tariffs on additional $300 billion worth of Chinese imports.
On the data front, a third reading of first-quarter GDP (gross domestic product), GDP prices, and the latest weekly jobless claims figures will be released at 8:30 a.m. ET. Pending home sales for May and Kansas City Fed survey data for June will follow slightly later in the session.
In corporate news, Walgreens Boots Alliance and Accenture are among the major companies scheduled to report earnings before the opening bell.
Nike and Smart Global are set to report their latest quarterly results after market close.
https://www.cnbc.com/2019/06/27/stock-market-wall-street-in-focus-amid-hopes-of-us-china-trade-truce.html
2019-06-27 06:35:40Z
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