US STOCKS-Wall St set to open lower as trade war fears weigh

  • Reuters
  • Stock Market News
US STOCKS-Wall St set to open lower as trade war fears weigh
Credit: © Reuters.

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* China seeks WTO backing to slap sanctions on U.S.

* Trade-sensitive Caterpillar, Boeing (NYSE: BA ) drop; Chipmakers swoon

* Hurricane Florence drags insurers; Home improvement cos up

* Nike (NYSE: NKE ) gains on broker upgrade

* Futures down: Dow 0.43 pct, S&P 0.25 pct, Nasdaq 0.33 pct

(Changes comments, updates prices)

By Shreyashi Sanyal

Sept 11 (Reuters) - U.S. stocks were set to open lower on Tuesday, weighed down by fears over the escalating trade spat between the United States and China.

President Donald Trump on Friday threatened duties on $267 billion of goods on top of planned tariffs on $200 billion of Chinese products. China has vowed to respond if the United States took any new steps on trade. has also decided to approach the World Trade Organization next week for permission to slap sanctions on the United States, for Washington's non-compliance with a ruling in a dispute over U.S. dumping duties. pressure point today clearly seems to be about trade more than anything else. China's been playing such a long game and none of that has been good for the markets," said Art Hogan, chief market strategist at B. Riley FBR in New York.

"Today feels like the day we were expecting yesterday, but the WTO complaint has been stirring up this escalation, which has reignited our concerns about trade in general."

Shares of trade-sensitive Caterpillar CAT.N and Boeing BA.N dropped nearly 1 percent in premarket trading, the most among Dow Industrials .DJI trading premarket.

Boeing earlier raised its estimate for purchase of new planes by China over the next two decades by 6.2 percent. of chipmakers, which rely on China for a major portion of their revenue, also fell. Intel INTC.O , Micron MU.O and Nvidia NVDA.O were down between 0.6 percent and 1.5 percent.

At 8:43 a.m. ET, Dow e-minis 1YMc1 were down 111 points, or 0.43 percent. S&P 500 e-minis ESc1 were down 7.25 points, or 0.25 percent and Nasdaq 100 e-minis NQc1 were down 24.25 points, or 0.33 percent.

Also in focus was Hurricane Florence, now a Category 4 storm that is expected to grow stronger before making landfall on Thursday, most likely in southeastern North Carolina near the South Carolina border. fell for the second straight day on the storm warning with Travelers TRV.N down 0.5 percent, Progressive Corp (NYSE: PGR ) PGR.N 0.9 percent and American International Group AIG.N 0.9 percent.

However, home improvement chains Lowe's Companies LOW.N and Home Depot (NYSE: HD ) HD.N , whose shares hit record highs on Monday, were up roughly 1 percent each.

Nike NKE.N rose 0.9 percent after brokerage Canaccord Genuity upgraded the world's No.1 sportswear maker's shares, citing that the company has regained its footing and is solidly marching back to top form.

Integrated Device Technology IDTI.O jumped 11.5 percent after Japan's Renesas Electronics 6723.T agreed to buy chipmaker in a $6.7 billion deal to deepen its push into semiconductors for self-driving cars.

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