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Futures down: Dow 0.29%, S&P 500 0.28%, Nasdaq 0.28%
July 14 (Reuters) -
U.S. stock index futures slipped on Monday, as President
Donald Trump's fresh tariff threats
targeting
the European Union and Mexico dampened investor sentiment
ahead of a week packed with economic data and second-quarter
earnings.
Over the weekend, Trump announced plans to slap a 30% tariff
on most imports from the EU and Mexico starting August 1, adding
similar warnings to other countries, giving them less than three
weeks to strike framework deals.
The EU said it would extend its suspension of
countermeasures to U.S. tariffs until early August and continue
to press for a negotiated settlement.
At 5:30 a.m. ET, Dow E-minis were down 130 points,
or 0.29%, S&P 500 E-minis were down 17.75 points, or
0.28%, and Nasdaq 100 E-minis were down 65 points, or
0.28%.
The measured losses indicated investors are more
accustomed to Trump's repeated tariff threats.
"The moves have not been larger since investors see these
threats as a Washington negotiating tactic to push the other
side over the line into a deal," ING analysts said in a note.
However, Wall Street's march to record highs will be put to
test this week with the start of the second-quarter earnings
season by major banks and June's consumer price data, due on
Tuesday.
On Friday, the S&P 500 receded from an all-time high
it hit the day before, and closed lower. It capped last week
with minor losses.
Meanwhile, producer and import price reports due Wednesday
could reveal how supply chain costs are evolving, and retail
sales figures later in the week will offer a snapshot of
consumer health.
Also on the docket are at least seven Federal Reserve
officials due to speak through the week.
Amid the economic data deluge, traders have almost entirely
ruled out a July rate cut from the Fed, though the odds for a
September move still hover around 60%.
Investors are also keeping a close watch on tensions between
the White House and the U.S. central bank, after economic
adviser Kevin Hassett said over the weekend that Trump might
have cause to fire Fed Chair Jerome Powell, citing cost overruns
from the central bank's headquarters renovation.
Among stocks, Boeing ( BA ) rose 2% in premarket trading
after a preliminary report from the Air India crash probe
suggested no immediate action against the planemaker.
Crypto stocks ticked up after bitcoin topped $120,000
for the first time. Coinbase global rose 1.5%, while
Bitfarms gained 3.7%. Strategy advanced 2.9%,
while Riot platforms was up 2.4%.