Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolio

US STOCKS-Wall St set for lower open as Trump speech clouds trade deal hopes

Published 13/11/2019, 15:00
© Reuters.  US STOCKS-Wall St set for lower open as Trump speech clouds trade deal hopes
US500
-
SBUX
-
IXIC
-
TECD_old
-
LKNCY
-
SDCCQ
-

(For a live blog on the U.S. stock market, click LIVE/ or

type LIVE/ in a news window.)

* 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.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

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

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.