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US STOCKS-Futures fall on Trump impeachment push, Nike gains

Published 25/09/2019, 12:44
© Reuters.  US STOCKS-Futures fall on Trump impeachment push, Nike gains
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* Futures down: Dow 0.19%, S&P 0.24%, Nasdaq 0.39%

By Sruthi Shankar and Ambar Warrick

Sept 25 (Reuters) - U.S. stock index futures edged lower on

Wednesday as a move to launch an impeachment inquiry into

President Donald Trump injected a fresh dose of uncertainty,

with forecast-beating results from Nike Inc helping dispel some

gloom.

The inquiry, which pushed the S&P 500 .SPX to post its

biggest percentage drop in a month on Tuesday, worsened an

already fragile sentiment after Trump hardened his stance over

the trade dispute with China, saying he would not accept a "bad

deal". Futures pointed to opening losses for the main three

indexes, with trade-sensitive shares of chipmakers and

industrial companies trending lower.

Advanced Micro Devices Inc AMD.O , Intel Corp INTC.O and

Nvidia Corp NVDA.O shed between 0.5% to 0.9% in premarket

trading, while Boeing Co BA.N dropped 0.4%.

At 7:14 a.m. ET, Dow e-minis 1YMcv1 were down 51 points,

or 0.19%. S&P 500 e-minis EScv1 were down 7.25 points, or

0.24% and Nasdaq 100 e-minis NQcv1 were down 30.25 points, or

0.39%.

Nike's shares NKE.N jumped 5.7% premarket, on course for a

record open and likely boosting the Dow Jones Industrial Average

.DJI , after first-quarter results beat market expectations.

Shares in retailer Foot Locker Inc FL.N gained 1%.

Chipmaker Broadcom Inc AVGO.O dropped 3% after it priced

an upsized offering of convertible preferred stock. Investors will look to August new home sales data, due at

10:00 a.m. ET (1400 GMT), to gauge domestic spending strength

ahead of the key holiday shopping season.

A weaker-than-expected consumer confidence reading on

Tuesday had raised concerns over slowing individual spending,

driving down several retail stocks, including Amazon.com Inc

AMZN.O .

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