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US STOCKS-S&P futures tread water as Sino-U.S. tensions weigh

Published 28/05/2020, 11:46
© Reuters.
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* Futures mixed: Dow up 0.27%, S&P off 0.10%, Nasdaq down
0.58%

By Medha Singh
May 28 (Reuters) - Futures contracts for the S&P 500 were
largely flat on Thursday as investors weighed hopes of an
economic recovery against underlying tensions between the United
States and China.
Chipmakers, which are sensitive to China's growth, were
under pressure, with Intel Corp INTC.O and Advanced Micro
Devices Inc AMD.O dropping about 1% each in premarket trade.
President Donald Trump has promised action over China's new
national security legislation for Hong Kong by the end of the
week.
Analysts have warned the souring relations between the
world's two largest economies in recent weeks over trade and the
handling of the coronavirus outbreak pose the biggest threat to
the stock market's strong rally off the March lows.
The benchmark S&P 500 .SPX hit a near three-month high on
Wednesday, closing above the key psychological level of 3,000
amid growing evidence of a pick up in business activity.
Investors will also focus on Labor Department's data which
is expected to show that more than 2 million Americans sought
unemployment benefits for the 10th straight week. The report is
due at 8:30 a.m. ET. At 6:20 a.m. ET, Dow e-minis 1YMcv1 were up 69 points, or
0.27% and S&P 500 e-minis EScv1 were down 3 points, or 0.1%.
Nasdaq 100 e-minis NQcv1 were down 54.5 points, or 0.58%.
Micron Technology Inc MU.O dropped 1.1% despite raising
its revenue forecast for the third quarter. In a bright spot, Boeing Co BA.N climbed 4.2%, the most
among the 25 Dow components trading before the bell, after the
planemaker said it had resumed production of its 737 MAX
passenger jet at its Washington plant.

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