Stocks - U.S. Futures Fall as Trade Jitters Return

9 August 2019, 13: 33
© Reuters.

U.S. futures tumbled on Friday on renewed trade-related jitters after a report that the White House delayed a decision on allowing American companies to restart business with Chinese tech giant Huawei.


Bloomberg reported on Thursday night that the U.S. government is holding off on its decision, just a few days after Beijing halted its purchases of U.S. farming goods. Tensions grew this week after the U.S. officially declared China a currency manipulator and China pegged its yuan below 7 to the dollar.


Meanwhile, weak economic data from China also increased fears of a global slowdown, as China's factory gate prices fell in year-on-year terms for the first time in three years in July.


Nasdaq 100 futures fell 65 points or 0.8% by 6:40 AM ET (10:40 GMT), while Dow futures dipped 147 points or 0.6% and S&P 500 futures declined 19 points or 0.7%.


Uber (NYSE:UBER) plummeted 8.9% in premarket trade after posting a record $5.2 billion loss, due to high costs related to its IPO and, more worryingly, to a slowdown in growth in its ride-hailing business.

Activision Blizzard (NASDAQ:ATVI) fell 1.8% after forecasts for the third-quarter were below estimates and revenue dipped due to high costs of developing its key game franchises.


Walt Disney (NYSE:DIS) dipped 0.4%, while Boeing (NYSE:BA) declined 1% after a Wired report on security flaws in the airplane maker's 787 Dreamliner jet.


Broadcom (NASDAQ:AVGO) was in focus after it announced it is acquiring cybersecurity firm Symantec's (NASDAQ:SYMC) enterprise security business for $10.7 billion.


In commodities, crude oil rose 1.3% to $53.19 a barrel. Gold futures gained 0.3% to $1,514.45 a troy ounce, while the U.S. dollar index, which measures the greenback against a basket of six major currencies, was down 0.1% to 97.343.