Stocks- U.S. Futures Flat as Sino-U.S. Trade Tensions Continue

Aug 06, 2018

U.S. futures were flat on Monday as trade tensions continue and earnings season winds down.

The S&P 500 futures rose 3 points, or 0.11%, to 2,842.75 as of 6:50 AM ET (10:50 GMT) while Dow futures were up 32 points, or 0.13%, to 25,442.0. Meanwhile tech heavy NASDAQ 100 futures increased 13 points, or 0.18%, to 7,415.00.

Trade tensions between the U.S. and China continued to flare up, with China lashing out at U.S. President Donald Trump for his trade policies. On Friday Beijing said it was ready to retaliate with tariffs on up to $60 billion of U.S. goods after the White House planned to propose 25% instead of 10% on $200 billion of imported Chinese goods.

Earnings season continues to wind down this week. Tyson Foods (NYSE:TSN), SeaWorld Entertainment Inc (NYSE:SEAS) and Cardinal Health (NYSE:CAH) are among those expected to report before the opening bell, while Weight Watchers International Inc (NYSE:WTW), Etsy Inc (NASDAQ:ETSY), Herc Holdings Inc (NYSE:HRI), Marriott International Inc (NASDAQ:MAR), and others are expected to release their financial results after the closing bell.

Berkshire Hathaway (NYSE:BRKa) was among the top gainers in pre-market trading, up 2.58% after its quarterly operating profit jumped 67% in the last quarter. Facebook (NASDAQ:FB) rose 0.43% while Advanced Micro Devices Inc (NASDAQ:AMD) increased 1.95%.

Apple (NASDAQ:AAPL) was down 0.01% after news that a computer virus outbreak at Taiwan Semiconductor Manufacturing Co could delay chip shipments for new iPhones. Intel (NASDAQ:INTC) fell 1.49% while Micro Focus International PLC ADR (NYSE:MFGP) dipped 3.55%.

In Europe stocks were up. Germany’s DAX rose 34 points or 0.28% while in France the CAC 40 increased 13 points points or 0.24% and in London, the FTSE 100 was up 15 points or 0.20%. Meanwhile the pan-European EURO STOXX 50 gained 9 points or 0.27% while Spain’s IBEX 35 fell 9 points or 0.10%.

In commodities, Gold futures fell 0.43% to $1,218.00 a troy ounce while crude oil futures were up 1.39% to $69.44 a barrel. The U.S. dollar index which measures the greenback against a basket of six major currencies, was up 0.23% to 95.25.