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US STOCKS-Futures lower on recession worries

Published 08/28/2019, 08:13 PM
Updated 08/28/2019, 08:20 PM
US STOCKS-Futures lower on recession worries
US500
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ADSK
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* Futures down: Dow 0.25%, S&P 0.19%, Nasdaq 0.27%

By Akanksha Rana
Aug 28 (Reuters) - U.S. stock index futures fell on
Wednesday after moves in the U.S. bond market returned investors
to worrying about the risk of recession as a bruising U.S.-China
trade war drags on.
The U.S. yield curve inverted on Tuesday to levels not seen
since 2007, triggering a selloff on Wall Street. US/
Shares of banks, which typically come under pressure in a
low interest rate environment, fell in premarket trading, with
Bank of America Corp BAC.N , Citigroup Inc C.N , Goldman Sachs
Group Inc GS.N and JPMorgan Chase & Co JPM.N down nearly 1%.
The recent bout of selling has dragged the benchmark S&P 500
.SPX 5.5% away from a record high hit in late July.
Markets have been roiled by persistent trade tensions after
Beijing announced retaliatory tariffs on U.S. goods and
President Donald Trump ordered the U.S. companies to look at
alternatives to doing business with China.
Investors are also awaiting the release of the government's
closely watched monthly jobs report and manufacturing data next
week to gauge the pace of interest rate cuts.
At 7:34 a.m. ET, Dow e-minis 1YMcv1 were down 65 points,
or 0.25%. S&P 500 e-minis EScv1 were down 5.5 points, or 0.19%
and Nasdaq 100 e-minis NQcv1 were down 20.5 points, or 0.27%.
Among other stocks, Tiffany & Co TIF.N rose 3% after the
luxury retailer beat quarterly profit estimates as it cut
marketing spending. Shares of Hewlett Packard Enterprise Co HPE.N jumped 4.3%
after it beat profit estimates and raised its 2019 adjusted
profit forecast. Autodesk Inc's ADSK.O slumped 12.2% after the AutoCAD
software maker cut its full-year earnings forecast.

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