Stock futures trade lower on China tensions ahead of holiday weekend
Trump: The economy will be back soonPresident Trump says the U.S. economy artificially closed and later thanks companies for helping the government and American people in a time of need.Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up here.U.S. equity futures are pointing to a lower open for the final trading day of the week heading into a holiday weekend.The major futures indexes are indicating a loss of 0.4 percent when Wall Street begins trading.GET FOX BUSINESS ON THE GO BY CLICKING HEREEquities are limping into the Memorial Day weekend following economic data showing that another 2.4 million people filed for unemployment benefits due to the coronavirus.Also making traders nervous are tensions flaring between the U.S. and China.China is holding off on setting a growth target as it tries to revive its economy battered by the coronavirus.China will instead put its focus on fighting the disease. A top Chinese economic official on Friday promised higher spending to boost the economy and curb surging job losses.Hong Kong’s benchmark led regional losses, dropping 5.6 percent after the central government in Beijing said China’s ceremonial parliament will consider a bill that could limit opposition activity in the former British colony.China’s Shanghai’s Composite fell 1.9 percent and Japan’s Nikkei fell 0.8 percent.In Europe, London’s FTSE fell 0.9 percent, Germany’s DAX declined 0.3 percent and France’s CAC was off 0.1 percent.TickerSecurityLastChangeChange %I:DJIDOW JONES AVERAGES24474.12-101.78-0.41%SP500S&P 5002948.51-23.10-0.78%I:COMPNASDAQ COMPOSITE INDEX9284.88085-90.90-0.97%In Thursday’s session on Wall Street, the S&P 500 gave up 0.8 percent, after the White House attacked Beijing’s economic policies and human rights violations.The Dow Jones Industrial Average fell 0.4 percent and the Nasdaq composite lost 1 percent.Oil prices fell back on Friday, with benchmark U.S. crude losing $2.06 to $31.86 per barrel in electronic trading on the New York Mercantile Exchange. It closed higher on Thursday, the sixth day day in a row, gaining 43 cents, or 1.3%, to $33.92 a barrel.CLICK HERE TO READ MORE ON FOX BUSINESSJuly Brent crude oil, the international standard, declined $1.72 to $34.34 per barrel. It gained 31 cents, or 0.9%, to close at $36.06 a barrel in London.The Associated Press contributed to this article.