U.S. stock market futures fell in early trading Monday evening, signalling another day of losses for Wall Street on Tuesday.
Dow Jones Industrial Average futures YM00, -0.55% were last down 0.8%, while S&P 500 futures ES00, -0.51% were off 0.8% and Nasdaq Composite futures NQ00, -0.47% fell 0.9%.
Those numbers were actually a significant improvement from session lows, as Dow futures were more than 500 points lower at one point. Dow futures were last off about 200 points. Traders may have been buoyed after China’s central bank set the yuan’s reference point higher than expected early Tuesday, 7.0304 in onshore trading against the U.S. dollar and 7.0807 offshore.
On Monday, stocks had their worst day of the year, with the Dow shedding more than 767 points. The Dow DJIA, -2.90% ended the day down 2.9%, at 25,717.74 , while the S&P 500 SPX, -2.98% declined 87.31 points, or 3%, to close at 2,844.74. The Nasdaq Composite COMP, -3.47% shed 278.03 points to finish at 7,726.04, a decline of 3.5%.
Read: Why a falling Chinese yuan crushed the stock market and intensified the trade war
Late Monday, the U.S. Treasury Department labeled China a currency manipulator for the first time since 1994, opening the door to new sanctions and ratcheting up already high trade tensions. Earlier, China’s currency, the yuan, broke a “line in the sand” below 7 U.S. dollars, apparently in retaliation for President Donald Trump’s announcement last week of new 10% tariffs against an additional $300 billion of Chinese goods, effective Sept. 1.
Also see: Is the ‘everything bubble’ finally popping? This chart might have the answer
Add Comment