USA stock futures point to cautious Tuesday open

USA stock futures point to cautious Tuesday open

Hong Kong: Asian markets extended a global sell-off Tuesday following hefty losses on Wall Street that came in response to China's hike in tariffs on $60 billion of U.S. imports, ramping up tensions in a trade war between the global economic titans.

On Wall Street, the Dow Jones Industrial Average finished down 2.38 per cent, the S&P 500 was down 2.41 per cent and the tech-heavy Nasdaq Composite was down 3.41 per cent.

The Dow and S&P 500 index each fell more than 2% as investors sold trade-sensitive shares in a broad sell-off that extended the market's slide into a second week.

On Tuesday, Hong Kong's Hang Seng index fell 1.6%.

"Investors are looking for opportunities to get into this market, and so far in 2019 there really haven't been any "buy the dip" opportunities other than last week", Ryan Nauman, market strategist at Informa Financial Intelligence, said by phone.

KEEPING SCORE: The S&P 500 index rose 0.6% as of 10 a.m.

The All Ordinaries was down 43.7 points, or 0.69 per cent, to 6,370.9.

The stand-off has sent shockwaves through trading floors, where most dealers had a little over a week ago been confident the two sides were close to a deal.

The Dow and S&P 500 had their worst day since January 3, according to Refinitiv. In Asia, the Shanghai Composite index fell 1.2%.

"We're going to have to be nimble with our portfolios", said Meghan Shue, senior investment strategist at Wilmington Trust, which reduced investments in USA large-cap stocks and emerging markets and boosted cash holdings in response to Friday's tariff increase.

Giolito wins 2nd straight start, White Sox top Blue Jays 5-1
The righty retired the first six batters he faced and struck out five consecutively after Leury Garcia flew out to open the game. For his career, the native of Neu-Ulm, Germany has racked up 1,456 strikeouts in over 1892.1 innings across over 300 starts.

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Trump warns China not to retaliate against tariff hike
The Dow Jones Industrial Average lost 622.10 points or 2.4%, while the Standard & Poor's 500 sank 2.5% in early trading. US officials said the Chinese negotiators have been reversing themselves on commitments made in earlier trade talks.

United States stocks, meanwhile, were positive at midday on Tuesday, with the Dow up 285 points, or 1.1%, and the S&P 500 rising almost 1.2%.

The worries about trade have shattered a remarkably steady rise for stocks.

Gold mining companies rose as the price of gold, another safe-play asset, rose 1.1% to $1,301.80 an ounce.

"In recent months global manufacturing has slowed, in part due to previous trade tariffs that led companies to delay their investment decisions", said a research note by UBS Global Wealth Management on Monday.

The US and China have been engaged a trade dispute since June 2018, when the Trump administration opted to impose a 25% tariff on an estimated $50 billion worth of Chinese goods. -China trade fears. Coca-Cola shares rose 1.3% after Morgan Stanley upgraded it to overweight from equal weight.

North American markets rallied Tuesday after enduring a deep hit to start the week due to the escalating U.S.

With more than 20 years' trading experience, Ed Moya is a market analyst with OANDA, producing up-to-the-minute fundamental analysis of geo-political events and monetary policies in the US, Europe, the Middle East and North Africa.

Investors have so far made it through the bulk of first quarter corporate earnings reports in decent shape. Oil retreated and gold rose.

West Texas Intermediate crude dipped 1% to $61.11 a barrel. Copper rose a penny to $2.73 a pound.

CURRENCY: The dollar edged up to 109.64 yen from Tuesday's 109.61 yen. Natural gas inched 0.1% higher to $2.62 per 1,000 cubic feet.

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