Stocks - U.S. Futures Mixed as Trade Summit Reportedly Postponed to June
Investing.com - U.S. futures were subdued on Monday as news that a proposed summit between U.S. President Donald Trump and Chinese President Xi Jinping could be pushed back to June cast further doubt over the fate of talks to end the trade war between the two countries.
The proposed meeting was originally scheduled for March, then pushed to April, and has now been pushed back to June, the South China Morning News reported on Saturday.
The delay indicates the two sides are far from an agreement on trade disputes, despite comments from both sides last week claiming that they had made progress.
Dow futures fell 83 points to 0.32% by 6:41 AM ET (10:41 GMT), while S&P 500 futures slipped half a point or 0.01% and tech-heavy Nasdaq 100 futures was up 2 points or 0.04%.
Chinese stocks closed overnight on a high note, likely moved by U.S. data on Friday that encourage hopes that the Federal Reserve's next move on interest rates will be down rather than up.
Boeing (NYSE:BA) fell 3.5% to a seven-week low in premarket trading on news that data from the Ethiopian Air jet that crashed earlier this month suggests similarities with an earlier crash off Indonesia. The U.S. Department of Transportation is investigating the Federal Aviation Administration's approval of Boeing’s 737 Max 8 in the wake of the deadly crashes that both involved the best-selling model. Walt Disney (NYSE:DIS) slipped 1% while Kraft Heinz (NASDAQ:KHC) dipped 0.3%.
Payment processor Worldpay (NYSE:WP) jumped 10.9% on news that it's being bought by Fidelity National Information Services for $35 billion in cash and shares, plus debt. Tesla (NASDAQ:TSLA) rose 0.9% after it dropped its mid-range battery option from its Model 3, while Intel (NASDAQ:INTC) gained 0.2% and Microsoft (NASDAQ:MSFT) inched up 0.5%.
In commodities, gold futures recovered 0.1% to $1,304.75 a troy ounce, while crude oil inched down 0.4% to $58.59 but was still near 2019 highs. The U.S. dollar index, which measures the greenback against a basket of six major currencies, fell 0.2% to a two-and-a-half-week low of 95.917.
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