US STOCKS-Futures slip after Wall Street's best day in two months

  • Reuters
  • Stock Market News
US STOCKS-Futures slip after Wall Street's best day in two months
Credit: © Reuters.

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* Futures down: Dow 0.5%, S&P 0.6%, Nasdaq 0.8%

By Medha Singh

Aug 9 (Reuters) - U.S. stocks futures slipped on Friday, a day after Wall Street roared back to record its biggest one-day rise in two months, as investors grappled with fresh trade tensions and political turmoil in Britain and Italy.

Despite a turbulent week that started with the three main indexes having their worst one-day percentage fall of 2019 on renewed trade war fears, the benchmark S&P 500 .SPX has managed to hold onto small gains as bargain hunters picked up beaten down stocks.

Worries of the economy slipping into a recession are back, as the trade war between the United States and China shows little signs of easing, especially after a symbolic drop in China's currency earlier this week.

The latest concern was a report that Washington was delaying a decision about allowing some trade between U.S. companies and China's telecom equipment maker Huawei again, pressuring chipmakers and other tariff sensitive stocks. Technology MU.O , Nvidia Corp NVDA.O and Intel Corp INTC.O fell between 1% and 2% in premarket trading, while Apple Inc AAPL.O slid 0.9%.

European shares were sharply lower as Italy's ruling League party Deputy Prime Minister Matteo Salvini declared the governing coalition to be unworkable, while a report said Prime Minister Boris Johnson was preparing to hold an election in the days after "October 31 Brexit deadline". 6:57 a.m. ET, Dow e-minis 1YMcv1 were down 137 points, or 0.52%. S&P 500 e-minis EScv1 were down 17 points, or 0.58% and Nasdaq 100 e-minis NQcv1 were down 61.25 points, or 0.79%.

Investors looking for safety in turbulent times helped the defensive sectors, with consumer staples .SPLRCS , utilities .SPLRCU and real estate .SPLRCR indexes outperforming the broader S&P 500 this week.

Following a near 12% jump on Thursday, Symantec Corp SYMC.O gained 2.5% after chipmaker Broadcom Inc AVGO.O confirmed it would buy the antivirus software maker's enterprise security unit for $10.7 billion in cash. Therapeutics NKTR.O shares plunged 34.1% after the drug developer flagged manufacturing issues with its experimental cancer drug bempeg.

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