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* Futures down: Dow 0.46%, S&P 0.50%, Nasdaq 0.62%
By Amy Caren Daniel
May 17 (Reuters) - U.S. stock index futures dipped on
Friday, following three consecutive sessions of gains, as trade
worries returned after a Chinese newspaper took a hard stance on
the tariff dispute between the United States and China.
The trade war will only make China stronger and will never
bring the country to its knees, the ruling Communist Party's
People's Daily wrote in a front-page commentary. Chinese stocks took the hardest hit on Friday, with the
blue-chip CSI300 index .CSI300 dropping 2.5%, accumulating
weekly losses of 2.2%.
Beijing's higher tariffs on U.S. products on a $60 billion
target list will take effect on June 1, which could prompt
Washington to go ahead with tariffs on a further $300 billion
worth of Chinese goods. The two sides are expected to meet in China to resume trade
talks soon.
Boeing Co BA.N , the single largest U.S. exporter to China
slipped 0.3% in premarket trading and Caterpillar fell 0.5%.
Technology companies including iPhone maker Apple Inc
AAPL.O and chipmakers, which rely on China for a large portion
of their revenue, were also hit by trade fears.
All three major indexes have posted three consecutive days
of gains as upbeat quarterly results and a batch of strong
economic data helped ease worries of a global economic slowdown.
The S&P 500 index .SPX is now about 2% away from its
record high hit earlier this month.
At 6:37 a.m. ET, Dow e-minis 1YMc1 were down 120 points,
or 0.46%. S&P 500 e-minis ESc1 were down 14.25 points, or
0.50% and Nasdaq 100 e-minis NQc1 were down 47.5 points, or
0.62%.
Shares of Micron Technology Inc MU.O , Broadcom Inc
AVGO.O and Intel Corp INTC.O fell about 1%.
However, graphics chipmaker Nvidia Corp NVDA.O rose 1.4%
after forecasting second-quarter revenue above analysts'
estimates. Applied Materials Inc AMAT.O gained 5.4% after the chip
gear maker's upbeat third-quarter profit eased concerns about
waning chip demand.
Under Armour Inc UAA.N rose 3.3% after JP Morgan upgraded
the sports wear maker to "overweight" from "neutral".
Online scrapbook company Pinterest Inc shares PINS.N
slumped 14.9% after the recent Wall Street debutant forecast
2019 revenue broadly in line with Wall Street targets.