Stock-index futures point to a lower start for Wall Street Friday after reports in Chinese state media indicated little appetite from the Chinese to continue trade talks following Trump administration’s move to raise tariffs on Chinese imports last week.
What’s driving the market? The Chinese government and state media sent a clear signal to markets Thursday and Friday that it is reluctant to resume trade talks with the U.S. A spokesman for the Ministry of Commerce called the Trump administration’s moves to raise tariffs last week, and the threat of additional tariffs on the roughly $300 billion in annually imported Chinese so far untouched by new duties, “bullying behavior,” that has resulted in “severe negotiating setbacks.
The Ministry of Commerce also said that the Chinese economy will be able to withstand the effects of new trade sanctions. “With many policy tools and adequate room for macro policies, China is confident and capable of coping with any difficulty or challenge,” a spokesman said, according to Xinhua. Which stocks are in focus? Shares of Pinterest Inc. PINS, +7.79% were down more than 17% in off-hours trade after the social media company announced Thursday evening that its first-quarter losses of $41.4 million were three times as large as analysts had expected.
Semiconductor firm NvidiaCorp. NVDA, +0.38% shares were under pressure before the bell Friday after it reported earnings Thursday evening that beat severely lowered expectations for the first quarter. Nvidia, however, declined to reiterate a fully year forecast while indicating that demand for the data-center market remains week. The stock fell 0.9% in premarket trade.
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