The Trump administration launched a national security probe into
car and truck imports that could lead to new tariffs, with
Beijing calling the move an "abuse" of national security clauses
and saying it would defend its interests.
The decision added to jitters over trade negotiations, reignited
after Trump called for "a different structure" in any trade deal
with China.
While shares of international automakers skidded on the tariff
possibility, shares of U.S. automakers inched higher. Ford <F.N>,
General Motors <GM.N> and Tesla <TSLA.O> rose between 0.2 to 0.6
percent premarket.
At 7:34 a.m. ET, Dow e-minis <1YMc1> were down 27 points, or
0.11 percent. S&P 500 e-minis <ESc1> were down 2 points, or 0.07
percent and Nasdaq 100 e-minis <NQc1> were down 0.75 points, or
0.01 percent.
Wall Street posted small gains on Wednesday after minutes from
the Fed's latest meeting suggested higher inflation may not
result in faster interest rate hikes.
Shares of Victoria's Secret-owner L Brands <LB.N> fell 5.9
percent, while those of data storage equipment maker NetApp <NTAP.O>
dropped 3.9 percent following the companies' weak forecasts.
Williams-Sonoma <WSM.N> jumped 11.8 percent after the Pottery
Barn owner posted strong quarterly results and gave a healthy
forecast.
Initial jobless claims is expected to have fallen to 220,000 for
last week, from 222,000 the week before. Data is due at 8:30
a.m. ET.
(Reporting by Medha Singh in Bengaluru; Editing by Sriraj
Kalluvila)
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