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US STOCKS-Futures slide on renewed U.S.-China tensions

Published 04/05/2020, 11:36
Updated 04/05/2020, 11:42
© Reuters.
US500
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UAL
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* Futures fall: Dow 1.08%, S&P 500 0.86%, Nasdaq 0.73%

By Shreyashi Sanyal
May 4 (Reuters) - U.S. stock index futures slid on Monday on
growing tensions between Washington and Beijing over the origin
of the novel coronavirus.
U.S. Secretary of State Mike Pompeo said on Sunday there was
"a significant amount of evidence" that the coronavirus emerged
from a Chinese laboratory, but did not dispute U.S. intelligence
agencies' conclusion that it was not man-made. Pompeo's statement comes after Wall Street started May on a
grim note as President Donald Trump revived a threat of new
tariffs against China in response to the COVID-19 pandemic.
The S&P 500 index's .SPX 29% recovery from its March lows
stands to be tested as investors weigh renewed trade tensions
and the health crisis with the gradual reopening of businesses.
Shares of Delta Air Lines DAL.N , American Airlines Co
AAL.O , Southwest Airlines Co LUV.N and United Airlines
UAL.O slumped between 6.6% and 9.5% in premarket trading as
Berkshire Hathaway Inc BRKa.N sold its entire stakes in the
four-largest U.S. airlines in April. At 6:14 a.m. ET, Dow e-minis 1YMcv1 were down 254 points,
or 1.08%. S&P 500 e-minis EScv1 were down 24.25 points, or
0.86% and Nasdaq 100 e-minis NQcv1 were down 63.25 points, or
0.73%.
Investors are also awaiting factory orders data for March,
which is expected to show a sharp decline.
SPDR S&P 500 ETFs SPY.P were down 1%.
The S&P 500 index closed down 2.80% at 2,830.71 on Friday.

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