Stock Futures Crumble After Latest China Trade Jab
Fed Chair Jerome Powell will speak later this morning
Dow Jones Industrial Average (DJI) futures are signaling a triple-digit drop out of the gate, under pressure from renewed trade tensions with China. Wall Street seemed ripe for healthy gains ahead of this morning's speech from Fed Chair Jerome Powell, but stock futures immediately pivoted lower after China announced it was ready to raise tariffs on $75 billion in U.S. goods, including automobiles. The tariffs will range from 5% to 10%, and go into effect on Sept. 1 and Dec. 15, the same dates U.S. import duties on Chinese goods are set to increase. Oil prices are careening, too, with October-dated crude futures down 2.9% at $53.73 per barrel.
Continue reading for more on today's market, including:
737 buzz attracted Boeing options bulls.L Brands options traders set a floor as the retail stock slumped.Traders more than doubled their money during Starbucks' latest surge.Plus, bull notes roll in for Salesforce after earnings; Facebook in hot water again; and Foot Locker eyes new low after dismal earnings. 
5 Things You Need to Know Today
The Cboe Options Exchange (CBOE) saw 768,310 call contracts traded on Thursday,compared to 568,720 put contracts. The single-session equity put/call ratio climbed to 0.74, while the 21-day moving average rose to 0.72.Salesforce.com, Inc. (NYSE:CRM) stock is up 6.3% in electronic trading, after the cloud name reported second-quarter earnings and revenue that topped expectations. The company's third-quarter and full-year guidance also beat estimates, prompting at least 11 price-target hikes overnight. The highest comes from Monness Crespi Hardt to $210 from $200. CRM closed last night at $148.24.Facebook, Inc. (NASDAQ:FB) is down 0.8% ahead of the bell, after a report indicated the social media giant knew about Cambridge Analytica violations -- using Facebook data to profile and target voters in the 2016 U.S. election -- as early as September 2015. FB has shed 13% since its July 25 annual high of $208.66, settling last night at $182.04.The shares of Foot Locker, Inc. (NYSE:FL) are down 12.1% in electronic trading, after the retailer reported second-quarter earnings, revenue, and same-store sales well below analyst expectations. Should these premarket losses hold, FL is set to open at a new annual low.New home sales will be released today. As far as earnings, Buckle (BKE) and Hibbett Sports (HIBB) will report.
Weaker Yen Boosts Tokyo Stocks
It was a mostly higher finish in Asia ahead of this morning's speech from Powell. Traders also kept a close eye on escalating tensions between Japan and South Korea, with Seoul saying it would no longer share intelligence about North Korea with Tokyo. At the close, Japan's Nikkei was up 0.4% as a cooling yen boosted exporters, China's Shanghai Composite tacked on 0.5% as the yuan eased to levels not seen since 2008, and Hong Kong's Hang Seng added 0.5%. South Korea's Kospi, meanwhile, slipped 0.1%.
European markets are higher at midday. This weekend's Group of Seven (G-7) summit is in focus, with leaders from the U.K., France, and Germany expected to meet to discuss Brexit. London's FTSE 100 is leading its regional peers at last check, up 0.8% on a positive session for luxury retailer Burberry, while the German DAX and the French CAC 40 have each added 0.4%