U.S.-China relations are weighing heavily on traders' minds
Dow Jones Industrial Average (DJI) futures are sharply below fair market value on the last trading day of May, as investors anxiously await U.S. President Donald Trump's upcoming news conference regarding U.S.-China relations. Potentially sharp rhetoric or a harsh response could threatento incite more economic turmoil with China. Futures on the S&P 500 Index (SPX) the Nasdaq-100 Index (NDX) are also lower, as Wall Street eyes April personal income data that rose by 10.5%, as well as upcoming remarks from Federal Reserve Chair Jerome Powell later today on combating the economic toll of COVID-19.
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Calls have been a big hit for this bank stock.American Airlines stock fell after a jobs update.Plus, Costco beat earnings and revenue forecasts; DELL capitalized on home-based workers; and Tyson closed down a processing plant after employees tested positive for coronavirus.Stocks in Asia were mixed on Friday, ahead of President Trump's announcement concerning U.S.-China relations. Hong Kong's Hang Seng dipped 0.7%, still reeling from China's approved national security law. Amid the bubbling tensions,China's Shanghai Composite gained 0.2%, while elsewhere, the Kospi in South Korea gained 0.1% and Japan's Nikkei dropped 0.2% amid data concerning Japan's retail sales - falling 12.7% year-over-year in April.
With investors keeping an eye on the U.S. and China, stocks in Europe are lower today. After three days of gains, London's FTSE 100 is down 1% at last check, as major stocks with operations in Hong Kong such as Prudential (PRU) drop. The French CAC 40 has dipped 0.3%, with France poised to continue its lockdown easing with restaurants, bars, and cafes June 2, while the German DAX has lost 0.7%.