Stock index futures pointed to a lower start for Wall Street on Tuesday, after President Donald Trump said the idea of holding off on a U.S.-China trade deal until after the 2020 presidential election had appeal, undermining market confidence that a deal may be done before fresh import tariffs are imposed on December 15.
What are major indexes doing?
Futures on the Dow Jones Industrial Average YMZ19, -0.58% were down 114 points, or 0.4%, at 27,675, while S&P 500 futures ESZ19, -0.46% gave up 10.2 points, or 0.3%, to trade at 3,104. Nasdaq-100 futures NQZ19, -0.65% were off 36.25 points, or 0.4%, at 8,279.
Stocks saw their biggest one-day decline in nearly eight weeks on Monday, with the Dow DJIA, -0.96% falling 268.37 points, or 1%, to end at 27,783.04. The S&P 500 SPX, -0.86% dropped 27.11 points or 0.9%, to close at 3,113.87, while the Nasdaq Composite COMP, -1.12% finished at 8,567.99, with a loss of 97.48 points or 1.1%.
What’s driving the market?
Index futures gave up early gains after Trump, speaking at a London news conference where he is attending at NATO meeting, said he had “no deadline” when it comes to concluding the long-running U.S.-China trade talks.
“In some ways, I think it’s better to wait until after the election if you want to know the truth. But I’m not going to say that, I just think that,” Trump said.
While Trump has made similar comments in the past, analysts said stocks remain highly sensitive to headlines and comments on the trade talks, with optimism over the prospect for a so-called phase one deal running high since early October.
On Monday tweeted that he was bringing back tariffs on Brazilian and Argentina steel and the administration also proposed tariffs of up to 100% on $2.4 billion