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US STOCKS-Futures dip after China's tough stance on trade


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* Futures down: Dow 0.46%, S&P 0.50%, Nasdaq 0.62%

By Amy Caren Daniel

The trade war will only make China stronger and will neverbring the country to its knees, the ruling Communist Party'sPeople's Daily wrote in a front-page commentary. urn:newsml:reuters.com:*:nL4N22T0MJ

Chinese stocks took the hardest hit on Friday, with theblue-chip CSI300 index .CSI300 dropping 2.5%, accumulatingweekly losses of 2.2%.

Beijing's higher tariffs on U.S. products on a $60 billiontarget list will take effect on June 1, which could promptWashington to go ahead with tariffs on a further $300 billionworth of Chinese goods. urn:newsml:reuters.com:*:nL2N22P0A6

The two sides are expected to meet in China to resume tradetalks soon.

Boeing CoBA.N , the single largest U.S. exporter to Chinaslipped 0.3% in premarket trading and Caterpillar fell 0.5%.

Technology companies including iPhone maker Apple IncAAPL.O and chipmakers, which rely on China for a large portionof their revenue, were also hit by trade fears.

All three major indexes have posted three consecutive daysof gains as upbeat quarterly results and a batch of strongeconomic data helped ease worries of a global economic slowdown.

The S&P 500 index .SPX is now about 2% away from itsrecord high hit earlier this month.

At 6:37 a.m. ET, Dow e-minis 1YMc1 were down 120 points,or 0.46%. S&P 500 e-minis ESc1 were down 14.25 points, or0.50% and Nasdaq 100 e-minis NQc1 were down 47.5 points, or0.62%.

Shares of Micron Technology IncMU.O , Broadcom IncAVGO.O and Intel CorpINTC.O fell about 1%.

However, graphics chipmaker Nvidia CorpNVDA.O rose 1.4%after forecasting second-quarter revenue above analysts'estimates. urn:newsml:reuters.com:*:nL4N22S4DW

Applied Materials IncAMAT.O gained 5.4% after the chipgear maker's upbeat third-quarter profit eased concerns aboutwaning chip demand. urn:newsml:reuters.com:*:nL4N22S4BW

Under Armour IncUAA.N rose 3.3% after JP Morgan upgradedthe sports wear maker to "overweight" from "neutral".

Online scrapbook company Pinterest Inc shares PINS.N slumped 14.9% after the recent Wall Street debutant forecast2019 revenue broadly in line with Wall Street targets. urn:newsml:reuters.com:*:nL4N22S4C1 (Reporting by Amy Caren Daniel in Bengaluru; Editing by ShounakDasgupta) ((Amy.CarenDaniel@thomsonreuters.com ; within U.S.+1-646-223-8780; outside U.S. +91 80 6749 9250 ; ReutersMessaging: Amy.CarenDaniel.thomsonreuters.com@reuters.net;))






This article appears in: Politics , World Markets , US Markets , Stocks
Referenced Symbols: AAPL ,



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