(Reuters) – US stock index futures fell on the first trading day of the new quarter as China’s decision to raise import tariffs on US products rekindled global trade war fears and technology stocks showed little signs of recovery.
Nasdaq futures pointed to a 0.6 percent decline at the open on Monday, as big names including Facebook and Amazon fell in premarket trading.
China, late on Sunday, said it would increase tariffs by up to 25 percent on 128 US products, from frozen pork and wine to certain fruits and nuts, escalating a spat between the world’s biggest economies. The move came in response to US duties on imports of aluminum and steel.
US President Donald Trump is separately preparing to impose tariffs of more than $50 billion targeting “largely high-technology” Chinese products.
At 7:18 a.m. ET, Dow e-minis were down 113 points, or 0.47 percent, with 28,512 contracts changing hands.
S&P 500 e-minis were down 11 points, or 0.42 percent, with 78,340 contracts traded.
Nasdaq 100 e-minis were down 58.25 points, or 0.88 percent, on volume of 32,382 contracts.
