(Reuters) - U.S. stock futures dropped on Friday after the United States and China renewed their trade spat, underpinning fears that the tit-for-tat actions could spiral into a trade war, and ahead of a closely watched monthly jobs data.
Globally, stock markets edged downward after President Donald Trump threatened to slap an additional $100 billion in tariffs on Chinese goods and Beijing warned it would fight back “at any cost” with fresh trade measures.
At 7:30 a.m. ET, Dow e-minis 1YMc1 were down 206 points, or 0.84 percent. S&P 500 e-minis ESc1 were down 21.25 points, or 0.80 percent. Nasdaq 100 e-minis NQc1 were down 62 points, or 0.94 percent.
Shares of Boeing (BA.N), the single largest U.S. exporter to China, fell 2.4 percent, leading the losses among big U.S. manufacturers. Caterpillar fell 2.1 percent and Deere (DE.N) dropped 1.2 percent.
Twenty-nine of the 30 Dow Jones Industrial Average .DJI components were trading premarket – all in the red. More than 110 S&P 500 .SPX stocks were lower, led by chipmakers, which as a group rely on China for about a quarter of their revenue.
Facebook (FB.O), Amazon (AMZN.O), Netflix (NFLX.O) and Alphabet (GOOGL.O) - the FANG group - were down between 1.3 percent and 2.3 percent, while Apple (AAPL.O) fell 1.5 percent. These stocks have a heavy influence on major indexes.
The list of decliners were similar to Wednesday, when the United States and China announced tariffs on $50 billion of each others’ imports.
After being roiled for most of that day, Wall