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US STOCKS-Futures retreat as Sino-U.S. tensions simmer

Published 22/05/2020, 11:43
Updated 22/05/2020, 11:48

(For a live blog on the U.S. stock market, click LIVE/ or
type LIVE/ in a news window.)
* Futures off: Dow 0.57%, S&P 0.56%, Nasdaq 0.71%

By Ambar Warrick
May 22 (Reuters) - U.S. stock index futures retreated on
Friday as growing tensions between Washington and Beijing added
to fears of a slower recovery from a coronavirus-led recession.
China moved on Friday to impose a national-security law in
Hong Kong that could see mainland intelligence agencies set up
bases in the global financial hub, raising fears of more
pro-democracy protests. The move could also ratchet up U.S.-China tensions as
President Donald Trump on Thursday warned Washington would react
"very strongly" if Beijing went ahead with the law. MKTS/GLOB
At 5:57 a.m. ET, Dow e-minis 1YMcv1 were down 139 points,
or 0.57%, S&P 500 e-minis EScv1 were down 16.5 points, or
0.56%, and Nasdaq 100 e-minis NQcv1 were down 65.5 points, or
0.71%.
Still, Wall Street's main indexes were set to end Friday
with weekly gains on the back of stimulus hopes and optimism
over a pickup in business activity with a nationwide easing in
lockdowns.
Hewlett Packard Enterprise HPE.N fell 7.1% in premarket
trade after missing second-quarter revenue and profit estimates,
hit by global lockdowns since February. But data analytics software maker Splunk Inc SPLK.O rose
3.5% after saying it expects higher demand for its cloud
services as people around the world take to working from home.
SPDR S&P 500 ETFs SPY.P were down 0.83%.
The S&P 500 index .SPX closed down 0.78% at 2,948.51​ on
Thursday.

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