Stocks
BMY

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

Dice with pencil on graph paper

(For a live blog on the U.S. stock market, click LIVE/ ortype LIVE/ in a news window.)

* U.S. Q4 GDP likely missed White House's 3 pct goal

* Trump walks away from deal in U.S.-North Korea summit

* Futures down: Dow 0.20 pct, S&P 0.29 pct, Nasdaq 0.43 pct

By Shreyashi Sanyal

Feb 28 (Reuters) - U.S. stock index futures edged lower onThursday after a U.S.-North Korea summit ended abruptly inVietnam and ahead of a fourth-quarter report on U.S. grossdomestic product.

The Commerce Department's GDP data is expected to show thatgrowth in the U.S. economy likely missed the Trumpadministration's 3 percent annual target. urn:newsml:reuters.com:*:nL1N20L1Y5

The report to be published at 8:30 a.m. ET (1330 GMT) willoffer the latest assessment of the impact of President DonaldTrump's economic policies, including deregulation, tax cuts,increased government spending and tariffs aimed at securing morefavorable trade deals.

Earlier in the day, data showed factory activity in China,shrank to a three-year low in February, underscoring deepeningcracks in the world's second-largest economy. urn:newsml:reuters.com:*:nL3N20M1YJ

Also on Thursday, Trump said he had walked away from anuclear deal at his summit with Kim Jong Un because ofunacceptable demands from the North Korean leader to liftpunishing U.S.-led sanctions. urn:newsml:reuters.com:*:nL5N20M8N0

At 7:08 a.m. ET, Dow e-minis 1YMc1 were down 52 points, or0.2 percent. S&P 500 e-minis ESc1 were down 8 points, or 0.29percent and Nasdaq 100 e-minis NQc1 were down 30.5 points, or0.43 percent.

The benchmark S&P 500 index .SPX closed slightly lower onWednesday after testimonies to U.S. Congress from trade andcentral bank officials as well as President Donald Trump'sformer lawyer brought few major surprises.

Still, optimism on trade and Fed policy had boosted equitiesfrom December lows in recent weeks, with the S&P 500 indexroughly 5 percent below its record closing high hit in lateSeptember.

Among stocks, HP IncHPQ.N tumbled 13.8 percent inpremarket trading after its quarterly revenue fell short ofanalysts' estimates on weaker-than-expected sales in both itspersonal computer and printing businesses. urn:newsml:reuters.com:*:nL3N20N16E

Bristol-Myers Squibb CoBMY.N rose 2.5 percent after topshareholder Wellington Management came out against thedrugmaker's $74 billion deal to buy biotech Celgene CorpCELG.O . Celgene shares fell 7.8 percent. urn:newsml:reuters.com:*:nL3N20M6GN

China'sJD.com IncJD.O jumped 9.7 percent after thee-commerce firm reported quarterly revenue above analysts'estimates on the back of stronger online retail sales. urn:newsml:reuters.com:*:nL3N20N4U0 (Reporting by Shreyashi Sanyal and Medha Singh in Bengaluru;Editing by Anil D'Silva) ((Shreyashi.Sanyal@thomsonreuters.com; +1 646 223 8780 ;Reuters Messaging:Shreyashi.Sanyal.thomsonreuters.com@reuters.net))


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

In This Story

BMY

Other Topics

World Markets Politics

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More