Futures Indicate Lower Open as Trade Tensions Linger

U.S. stock index futures pointed to a lower open Thursday morning after news that the Trump administration is considering new tariffs on foreign automobiles.

Futures for the Dow Jones Industrials settled 56 points, or 0.2%, to 24,803

S&P 500 futures dropped 5.5 points, or 0.2%, to 2,725.25, while futures for the NASDAQ composite index fell 13.25 points, or 0.2%, to 6,943.75

Shares of electronics and technology retailer Best Buy fell more than 3% in pre-market trading Thursday morning after the company reported quarterly earnings. Though the company posted solid quarterly comparable sales and earnings, its online sales growth decelerated.

Domestic online comparable sales growth slowed to 12% growth in the U.S. from a year ago, compared to 22.5% growth.

In data, existing home sales data for April are due to be published at around 10 a.m. ET, followed closely by the Kansas City Fed manufacturing survey for May.

Uncertainty surrounding international trade returned to Wall Street Thursday after the Commerce Department said Wednesday night that it started an investigation into whether automobile imports “threaten to impair the national security” of the United States

The surprise announcement from the White House comes at a tenuous time for trade relations between the United States and its trading partners, including the European Union and China.

In Japan, the Nikkei 225 dropped 1.1%, while in Hong Kong, the Hang Seng Index strengthened 0.3% Thursday

Oil prices faded 93 cents to $70.91U.S. per barrel.

Gold prices gained seven dollars to $1,296.60U.S. an ounce.

This article provided by NewsEdge.