Stock futures recovered from earlier losses to trade higher early Tuesday morning stateside after White House trade advisor Peter Navarro clarified that the U.S.-China trade deal is not over.
As of early Tuesday morning stateside, Dow Jones Industrial Average futures were 190 points higher, implying a opening gain of around 246 points. S&P 500 and Nasdaq futures also pointed to a positive open for the two indexes.
“My comments have been taken wildly out of context,” Navarro said in a statement. “They had nothing at all to do with the Phase I trade deal, which continues in place.”
President Donald Trump also tweeted that the existing trade deal remains in place.
Earlier in the session, Dow futures had dropped about 400 points. Futures plunged after Navarro’s Monday interview on Fox News’ “The Story.”
Fox’s Martha MacCallum asked, “Do you think that the president sort of- I mean, he obviously really wanted to hang onto this trade deal as much as possible. And he wanted them to make good on the promises, because there had been progress made on that trade deal, but given everything that’s happened and all the things you just listed, is that over?”
“It’s over. Yes,” Navarro responded.
In his subsequent statement, Navarro said, ” I was simply speaking to the lack of trust we now have of the Chinese Communist Party after they lied about the origins of the China virus and foisted a pandemic upon the world.”
In his interview with Fox, Navarro said “the turning point” came when the U.S. heard about the coronavirus outbreak in China. Navarro claimed that the administration only heard about the virus after the trade deal between Washington and Beijing was signed on Jan. 15.
Source Article from https://www.cnbc.com/2020/06/22/stock-market-futures-open-to-close-news.html
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