Trump Trade Doubt Hampers Stock Futures

U.S. stock index futures pointed to a lower open on Wednesday after President Donald Trump said Tuesday he was “not satisfied” with trade talks with China despite opposing comments from other members of his administration.

He also told reporters he was not sure about whether a scheduled meeting with the North Korean leader Kim Jong Un would actually happen.

Futures for the Dow Jones Industrials plunged 171 points, or 0.7%, to 24,674

S&P 500 futures skidded 15.5 points, or 0.6%, to 2,710.50, while futures for the NASDAQ composite index gave back 63 points, or 0.9%, to 6,846.25

In corporate news, several major retailers reported earnings on Wednesday.

Shares of Minneapolis-based Target sank more than 5% in pre-market trading after it reported first-quarter earnings that missed analysts’ expectations on both the top and bottom lines.

The company blamed poor spring weather for the disappointing performance as it works to remodel many of its locations.

Lowe’s also missed expectations for the first quarter, reporting a rise in sales of just 0.6% versus expectations of a 3% increase

Tiffany, meanwhile, easily beat analysts’ estimates. The company’s stock rose more than 10% in pre-market trading after reporting earning per share of $1.14 versus expectations of 83 cents. It also raised its full-year guidance in light of the solid beat.

On the data front, there will be flash manufacturing and services purchasing managers’ index (PMI) at 9:45 a.m. ET and new home sales due at 10 a.m. ET. Minutes from the Federal Reserve’s latest meeting will be released at 2 p.m. ET.

In Japan, the Nikkei 225 sagged 1.2%, while markets in Hong Kong returned from holiday to lose 1.8% Wednesday

Oil prices slid 39 cents to $71.81U.S. per barrel.

Gold prices picked up $2.10 to $1,294.10U.S. an ounce.

This article provided by NewsEdge.