Traders braced for an upcoming news conference on U.S.-China relations from President Donald Trump.Posted on May 29, 2020
Dow Jones Industrial Average futures dipped 84 points, but the level implied an open of about 5 points higher. S&P 500 futures were off by 0.2% and Nasdaq 100 futures fell 0.2%.
Trump said Thursday afternoon he would hold the news conference, knocking stocks down from solid gains. That announcement came after China approved a national security bill for Hong Kong that experts warn could endanger the city’s “one party, two systems” principle. That principle allows for additional freedoms that mainland China residents don’t have.
JPMorgan strategist Marko Kolanovic, who called the comeback for the market in March, said Thursday evening he was turning more cautious because of a possible economic clash with China.