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* Trump gives no new details on trade deal with China
* Alibaba slips on planned $13.4 billion Hong Kong listing
* Fed Chair Jerome Powell to testify at 11 a.m. ET
* Futures down: Dow 0.34%, S&P 0.32%, Nasdaq 0.34%
(Adds comments, updates market action)
By Arjun Panchadar
Nov 13 (Reuters) - Wall Street was set to open lower on
Wednesday after President Donald Trump threatened to
"substantially" raise tariffs if China did not strike a trade
deal with the United States and on escalating tensions in Hong
Kong.
Trump on Tuesday dangled the prospect of completing an
initial deal with China "soon," but offered no new details on
negotiations and largely repeated well-worn rhetoric about
China's "cheating" on trade. Trade-sensitive technology stocks had lifted the benchmark
S&P 500 .SPX and Nasdaq .IXIC to all-time highs in the run
up to Trump's speech on Tuesday, but the indexes pulled back
slightly after his address at the Economic Club of New York.
"Now is more the realization that 'phase one' is really not
a done deal," said Art Hogan, chief market strategist at
National Securities in New York.
"It felt for a couple weeks that the deal was almost done
and then you have these comments that sort of puts us in the
same place we were."
Chipmakers, which get a sizeable chunk of sales from China,
fell marginally in premarket trading.
Heightened tensions in Hong Kong also dulled sentiment after
police warned violence related to anti-government protests had
reached a deadly level and that the Asian financial hub had been
pushed to the "brink of a total breakdown". Wall Street's main indexes have touched new highs this month
on the back of a strong corporate earnings season and hopes of a
trade deal to end the damaging 16-month tariff war.
Investor attention now turns to testimony from Federal
Reserve Chair Jerome Powell on the domestic economy on Wednesday
and Thursday as well as fresh economic data.
On the economic front, data showed U.S. consumer prices
rebounded more than expected in October and underlying inflation
picked up. Shares of Alibaba Group Holding Ltd BABA.N slipped 0.8% as
the Chinese e-commerce giant revealed plans to launch a Hong
Kong share sale to raise up to $13.4 billion. At 8:43 a.m. ET, Dow e-minis 1YMcv1 were down 95 points,
or 0.34%. S&P 500 e-minis EScv1 were down 9.75 points, or
0.32% and Nasdaq 100 e-minis NQcv1 were down 28.25 points, or
0.34%.
SmileDirectClub Inc SDC.O slumped 5.8% as the teeth
alignment company posted a bigger quarterly loss and pointed
towards more losses for the year. Tech Data Corp TECD.O gained 3.7% after announcing private
equity Apollo Global Management APO.N would buy the U.S.
company in a deal valued at $5.4 billion. China's Luckin Coffee Inc LK.O rose 10.9% as the Starbucks
Corp SBUX.O rival reported a smaller-than-expected loss and
forecast fourth-quarter revenue above estimates. L4N27T2UK