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Stocks - U.S. Futures Fall as Tit-for-Tat Trade War Continues

Investing.com - U.S. futures tumbled on Tuesday, as the prospects of any sort of detente between the U.S. and China this week faded, and the EU and U.K. lurched further toward a disorderly 'Hard Brexit'.


China suspended broadcasts of NBA games in the country after Commissioner Adam Silver defended Houston Rockets General Manager Dave Morey tweeting his support for pro-democracy protests in Hong Kong.

The move came hours after the U.S. blacklisted 28 Chinese entities, including surveillance camera maker Hikvision, for their role in China’s alleged repression of Muslim minorities.

Meanwhile, the chance of avoiding a Hard Brexit also fell after German Chancellor Angela Merkel told U.K. Prime Minister Boris Johnson that his proposals to avoid border infrastructure on the island of Ireland were unworkable.

Nasdaq 100 futures lost 59 points or 0.8% by 7:00 AM ET (11:00 GMT), while Dow futures slumped 201 points or 0.8% and S&P 500 futures were down 21 points or 0.7%.

Boeing (NYSE:BA) declined 2.1% after the Wall Street Journal reported that the return of the 737 MAX could be delayed by the European Aviation Safety Agency’s refusal to accept FAA assurances that the planes are safe.

The ADRs of Nokia (NYSE:NOK) and Ericsson (NASDAQ:ERIC) ticked up in premarket trade after the Financial Times reported that the U.S. is looking for ways to funnel money to Huawei’s European rivals, including offering credit to the two telecommunication companies.

On the earnings front, Yum! Brands (NYSE:YUM) and Domino’s Pizza report before the open, while figures from Levi Strauss (NYSE:LEVI) come out after the close.

In commodities, crude oil futures slumped 1.2% to $52.12 a barrel. Gold futures were up 0.5% to $1,510.75 a troy ounce, while the U.S. dollar index, which measures the greenback against a basket of six major currencies, inched down 0.1% to 98.588.

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