Dow Futures Slump 350 Points on Huawei CFO Arrest
A high-profile Chinese tech exec was arrested in Canada at the request of the U.S.
Stocks are set to pick up right where they left off on Tuesday, with Dow Jones Industrial Average (DJIA) futures trading 350 points below fair value at last check. Today's selling appears to be sparked by news that Canadian authorities have detained Huawei Chief Financial Officer Meng Wanzhou at the request of the U.S. under allegations the Chinese tech giant violated sanctions on Iran -- casting fresh doubts on a U.S.-China trade truce.
Wall Street is also sifting through an onslaught of economic data -- including an in-line reading on private-sector payrolls and a 10-year high in October's trade deficit -- and reacting to sinking oil prices. January-dated crude futures are down 3.8% after the Organization of the Petroleum Exporting Countries (OPEC) signaled it may make a smaller-than-anticipated cut to crude output.
Continue reading for more on today's market, including:
How stocks react after Wall Street mourns.Why Twitter stock could be ready to rally.Skepticism has ramped up on Ulta Beauty stock ahead of earnings.Plus, Huawei suppliers get hit; a chip stock set to pop; and heavy losses for global stocks. 
5 Things You Need to Know Today
The Chicago Board Options Exchange (CBOE) saw 910,062 call contracts traded on Tuesday, compared to 632,459 put contracts. Both the single-session equity put/call ratio and the 21-day moving average arrived at 0.69.Huawei suppliers Intel Corporation (NASDAQ:INTC) and Qualcomm, Inc. (NASDAQ:QCOM) are trading sharply lower ahead of the bell. At last check, INTC stock is down 2.4% -- set to extend its slide south of a key trendline -- while QCOM shares are off 2.5%.Marvell Technology Group Ltd. (NASDAQ:MRVL) is bucking sector headwinds in premarket trading, with the shares up 2.6% after the chipmaker reported a stronger-than-expected third-quarter adjusted profit of 33 cents per share and revenue of $851 million. However, MRVL stock has shed nearly 29% over the last four months under pressure from its 40-day moving average.Kroger Co (NYSE:KR) reported adjusted third-quarter earnings of 48 cents per share -- north of what analysts were expecting. Unfortunately for options traders, KR stock is down 1% ahead of the bell, after the grocery chain reported revenue of $27.67 billion and a same-store sales increase of 1.6%, which fell short of expectations.Weekly jobless claims, factory orders, and the Fed's balance sheet are due out today. Plus, the ISM non-manufacturing index and weekly crude inventories will be reported one day behind schedule. American Outdoor Brands (AOBC), Broadcom (AVGO), Duluth Holdings (DLTH), Genesco (GCO), Lululemon (LULU), and Ulta Beauty (ULTA) will report earnings.
Tech Shares Lead Global Stocks Lower
Asian stocks dropped after the arrest of the CFO of tech giant Huawei. This has sent shockwaves through the global technology supply chain, and sparked fears of new U.S.-China trade tensions. China's Shanghai Composite dropped 1.7%, while Hong Kong's Hang Seng gave back 2.5%. Elsewhere, Japan's Nikkei shed 1.9%, and South Korea's Kospi lost 1.6%.
Over in Europe, the picture is just as bleak. Stocks are sliding as the controversy surrounding Huawei threatens to send global markets into a deeper spiral. Auto and basic resources stocks were hit particularly hard, while dropping oil prices are weighing on the energy sector. At last check, London's FTSE 100 and the French CAC 40 are down 2.4% each, while the German DAX is staring at 2.6% drop.