US futures were up on Tuesday morning as investors weighed another batch of results from major US companies and the simmering trade tension between the US and China.
European stocks were mixed, but Chinese equities dropped today in the wake of US authorities filing criminal charges against Chinese telecom group Huawei late on Monday. The subsequent developments in this story over recent months have at times unsettled investors out of concern it could stymie the progress of discussions on trade between Washington and Beijing.
This is also a big week for US corporate earnings, and Caterpillar yesterday, followed by a revenue warning from chipmaker Nvidia, spurred a broader sell-off on Wall Street as they pinned some of their ills on slowing Chinese growth.
A much-anticipated read on China may come in the form of Apple’s quarterly results. The company has already flagged a drop in sales there, stirring concerns about a “peak iPhone” moment, and investors are for the most part bracing for bad news later today.
Futures for the S&P 500 were up 0.1 per cent, while those for the Dow Jones Industrial Average and Nasdaq 100 gained 0.3 per cent.
Government bonds were slightly weaker, with yields higher. The yield on the benchmark 10-year US Treasury was up 0.2 basis points to 2.7475 per cent.
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