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Futures Point To Weak Start On Wall Street

wallstreet sept27 13nov19 lt

Weak futures amid growing uncertainty about the progress of U.S.-China trade negotiations, and the political tensions in Hong Kong point to a lower opening for U.S. stocks Wednesday morning.

The Dow and S&P 500 futures were both drifting down by about 0.4 percent, while the Nasdaq futures were lower by nearly 0.5 percent.

Data on consumer price inflation for the month of October is due out at 8:30 AM ET.

Investors will also be eyeing the Federal Reserve chief Jerome Powell's address at the state of the American economy before the Joint Economic Committee of the US Congress, scheduled at 11 AM ET.

After trading hours on Wednesday, Cisco Systems is scheduled to announce its first-quarter earnings.

Asian markets drifted lower on Wednesday, weighed down by Trump's comments that tariffs on Chinese goods will be increased in the event of the two countries not reaching a trade deal soon.

Trump said a significant phase one trade deal with China "could happen soon" but stressed that he would only accept an agreement that is good for U.S. companies and workers.

European shares are exhibiting weakness amid uncertainty about U.S.-China trade deal after Trump threatened further increase in tariffs on Chinese goods, and on rising tensions over the anti-government protests in Hong Kong.

In commodities, crude oil futures are declining $0.40, or about 0.7%, at $56.40 a barrel.

On Tuesday, U.S. stocks turned in a lackluster performance for a third straight session after the much anticipated speech by President Donald Trump at the Economic Club of New York failed to provide details about the state of trade talks between the U.S. and China.

The Nasdaq gained 0.3 percent and posted a new closing high, while the Dow ended flat and the S&P 500 edged up 0.2 percent.

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