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Nov 27, 2018

Before the Bell: US futures under pressure as trade war concerns resurface

Alexandra Gibbs




U.S. stock index futures fell into the red ahead of Tuesday's open.
Around 5:05 a.m. ET, Dow futures dipped 10 points, indicating a negative open of -43.24 points. Futures on the S&P 500 were indicating a downbeat open of -6.20 points, while Nasdaq futures signaled a negative open of -29.09 points.
A trader works on the floor of the New York Stock Exchange (NYSE) in New York, U.S.,
Victor J. Blue | Bloomberg | Getty Images
A trader works on the floor of the New York Stock Exchange (NYSE) in New York, U.S.,
The moves in U.S. futures come after Wall Street finished Monday's session sharply higher, with the Dow Jones industrial average closing up more than 350 points up. Looking overseas, markets appear somewhat cautious with Asia closing mostly in the black, with Europe trading slightly lower.
Global investors appear to be digesting recent comments made by President Donald Trump. In an interview with the Wall Street Journal, the U.S. leader said that it was "highly unlikely" that the U.S. would delay from a tariffs increase to 25 percent, in regards to $200 billion worth of Chinese goods.
Trump went onto suggest in the same interview, that a 10 percent tariff on laptops and iPhones imported from China could be imposed. The president's comments come ahead of an all-important summit between leaders of the G-20, which includes both Trump and China's Xi Jinping.
Investors will also be keeping an eye as the ongoing investigation into alleged Russian interference in the 2016 presidential election. In the latest surrounding the probe, U.S. prosecutors alleged Monday that former Trump campaign manager Paul Manafort had lied to investigators, therefore having violated his plea agreement, a court filing indicated. The filing did add however that Manafort disagreed, stating that he believes that he's provided truthful information.
Elsewhere, a number of the U.S. Federal Reserve members are expected to deliver remarks on Tuesday.
At the three-day Clearing House and Bank Policy Institute annual conference in New York, Fed Vice Chairman Richard Clarida is scheduled to deliver keynote remarks, while later on today, three Fed presidents will take part in a panel which will discuss a range of topics including the economy and the future of payments. The event comes a day before Fed Chair Jerome Powell is due to participate in luncheon at the Economic Club of New York.
Meanwhile, the latest S&P Corelogic Case-Shiller home price index is slated to come out at 9 a.m. ET, followed by consumer confidence figures at 10 a.m. ET.
On the corporate front, Bank of Nova Scotia, Cracker Barrel and Salesforce.com are just a handful of companies scheduled to publish earnings on Tuesday.

Source: CNBC

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