US STOCKS-Futures fall as deal hopes fade on report China seeks more talks

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* Futures down: Dow 0.30%, S&P 0.31%, Nasdaq 0.41%

By Sagarika Jaisinghani
Oct 14 (Reuters) - U.S. stock index futures fell back on
Monday as hopes of a quick resolution to the U.S.-China trade
war were dashed by a report that China wanted more talks before
signing a partial deal announced by President Donald Trump on
Friday.
The S&P 500 and Dow Jones indexes ended last week with their
first increase in four after the partial trade deal was
announced, with Trump saying it could take up to five weeks to
get a pact written. Bloomberg reported on Monday that China wanted further
negotiations as soon as the end of October to work out the
details, and wanted Trump to scrap another tariff increase set
for December. Shares of companies with a sizeable exposure to China, which
soared on Friday, slipped in trading before the bell. Apple Inc
AAPL.O fell 0.7%, while Nvidia Corp NVDA.O , Advanced Micro
Devices Inc AMD.O and Micron Technology Inc MU.O dropped
between 0.5% and 1%.
The tit-for-tat tariff war between the world's top two
economies has rankled financial markets, dented global growth
and dampened business sentiment over the past 15 months. The
benchmark S&P 500 index is now nearly 2% off its record high
after coming within striking distance last month.
At 6:59 a.m. ET, Dow e-minis 1YMcv1 were down 79 points,
or 0.3%. S&P 500 e-minis EScv1 were down 9.25 points, or 0.31%
and Nasdaq 100 e-minis NQcv1 were down 32.25 points, or 0.41%.
Investors will now be looking at third-quarter earnings to
gauge the impact of the trade conflict and a sluggish domestic
economy on corporate America.
The reporting season kicks off on Tuesday, with the biggest
U.S. banks expected to report a 1.2% decline in earnings due to
falling interest rates. Overall, analysts are forecasting a 3.2% decline in earnings
for S&P 500 companies for the quarter from a year earlier, based
on IBES data from Refinitiv.
Bank of America Corp BAC.N , Citigroup Inc C.N , JPMorgan
Chase & Co JPM.N were down between 0.4% and 0.9% in premarket
trading.
Fastenal Co FAST.O was down 2.5% after two brokerages
downgraded the stock. The company had logged its best day in
three decades on Friday after reporting strong results.
Delta Air Lines Inc DAL.N fell 1.1% after Stephens cut its
rating on the stock to "equal-weight" from "overweight", citing
rising costs. It also cut its price target to $57 from $75.