US-China trade talks in focus on Wall Street

U.S. stock index futures were lower Monday morning. At around 02:20 a.m. ET, Dow futures fell 100 points, indicating a negative open of more than 88 points. Futures on the S&P and Nasdaq were both slightly lower.The moves in pre-market trade come after a media report suggested Chinese officials were increasingly reluctant to agree to a broad trade deal pursued by President Donald Trump. Trade talks between the U.S. and China are set to resume in Washington, D.C., on Thursday. Vice Premier Liu He, who will lead negotiations for China, told dignitaries that his offer to the U.S. will not include commitments on reforming Chinese industrial policy or government subsidies, Bloomberg reported Sunday, citing sources familiar with the matter. The world’s two largest economies have imposed tariffs on billions of dollars’ worth of one another’s goods since the start of 2018, battering financial markets and souring business and consumer sentiment. On the data front, consumer credit figures for August will be released at around 3:00 p.m. ET. A flurry of disappointing U.S. economic data last week suggested the ongoing trade war was starting to take its toll, stoking concerns of a possible recession. However, the U.S. employment rate dropped to its lowest level in nearly 50 years on Friday, easing concerns of a slowdown. The jobless rate dipped 0.2 percentage points to 3.5% in September, the Labor Department reported, matching a level it last saw in December 1969.

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