U.S. stock index futures were sharply lower Tuesday morning, after the world's two largest economies began imposing new tariffs on one another's goods.
At around 02:00 a.m. ET, Dow futures fell 169 points, indicating a negative open of more than 170 points. Futures on the S&P and Nasdaq were both lower. The moves in pre-market trade come after investors observed a market holiday on Monday.
The U.S. imposed 15% tariffs on a variety of Chinese goods on Sunday, while China imposed new charges on U.S. products from September 1. It marked the latest escalation in their long-running trade war.
The U.S. and China have imposed tariffs on billions of dollars' worth of one another's goods since the start of 2018, battering financial markets and souring business and consumer sentiment.
President Donald Trump has said officials from both sides were still planning to meet later this month, despite rising tensions.
On Monday, Beijing filed a complaint against Washington at the World Trade Organization over U.S. import duties. China claimed the latest round of tariffs violated a consensus reached by leaders of both countries in Osaka, Japan.
Data, earnings
On the data front, manufacturing PMI (Purchasing Managers' Index) figures for August will be released at around 9:45 a.m. ET. The Institute for Supply Management's (ISM) manufacturing index for August and construction spending data for July will be released slightly later in the session.
In corporate news, Coupa Software and Cango are both scheduled to report their latest quarterly earnings after market close.
https://www.cnbc.com/2019/09/03/stock-market-wall-street-monitors-latest-us-china-trade-tariffs.html
2019-09-03 06:17:24Z
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