Futures weak as Trump-Kim summit ends abruptly; GDP data in focus

By Shreyashi Sanyal

Feb 28 () - U.S. stock index futures edged lower on Thursday after a U.S.-North Korea summit ended abruptly in Vietnam and ahead of a fourth-quarter report on U.S. gross domestic product.

The Commerce Department's GDP data is expected to show that growth in the U.S. economy likely missed the Trump administration's 3 percent annual target.

Earlier in the day, data showed factory activity in China, shrank to a three-year low in February, underscoring deepening cracks in the world's second-largest economy.

Also on Thursday, Trump said he had walked away from a nuclear deal at his summit with Kim Jong Un because of unacceptable demands from the North Korean leader to lift punishing U.S.-led sanctions.

At 7:08 a.m. ET, Dow e-minis were down 52 points, or 0.2 percent. S&P 500 e-minis were down 8 points, or 0.29 percent and Nasdaq 100 e-minis were down 30.5 points, or 0.43 percent.

The benchmark S&P 500 index closed slightly lower on Wednesday after testimonies to U.S. Congress from trade and central bank officials as well as President Donald Trump's former lawyer brought few major surprises.

Still, optimism on trade and Fed policy had boosted equities from December lows in recent weeks, with the S&P 500 index roughly 5 percent below its record closing high hit in late September.

Among stocks, HP Inc tumbled 13.8 percent in premarket trading after its quarterly revenue fell short of analysts' estimates on weaker-than-expected sales in both its personal computer and printing businesses.

Bristol-Myers Squibb Co rose 2.5 percent after top shareholder Wellington Management came out against the drugmaker's $74 billion deal to buy biotech Celgene Corp.Celgene shares fell 7.8 percent.

China' Inc jumped 9.7 percent after the e-commerce firm reported quarterly revenue above analysts' estimates on the back of stronger online retail sales.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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