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Stocks- U.S. Futures Flat as Political Uncertainty Continues

U.S. Futures pointed to a flat opening bell on Wall Street.
U.S. Futures pointed to a flat opening bell on Wall Street.

Investing.com – U.S. Futures pointed to a flat opening bell on Friday, as a potential trade war weighed on investors minds.

The S&P 500 futures rose a point and a half or 0.05% to 2,756.75 as of 6:43 AM ET (10:43 GMT) while Dow futures decreased 17 points or 0.07% to 24,907.0. Meanwhile tech heavy Nasdaq 100 futures was down two points or 0.03% to 7,08.25.

U.S. President Donald Trump has decided to fire national security adviser H.R. McMaster, according to the Washington Post. It’s the latest in a string of White House fires and resignations. Last week former economic adviser Gary Cohn resigned after speaking out against Trump’s tariffs on steel and aluminum while Secretary of State Rex Tillerson was fired earlier this week.

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Worry over a potential trade war also continues to dwell on investors. A Trump imposed import tariff on steel and aluminum has left traders on edge, although Canada and Mexico are exempt as the administration seeks to negotiate a trade deal. More tariffs could increase fears of a global trade war and weigh on investor appetite for riskier assets.

Qualcomm (NASDAQ:QCOM) was among the biggest gainers in pre-market trading, rising 4.36% after news that Paul Jacobs, former chairman of the firm, is seeking funding for a buyout. Software company Adobe Systems Incorporated (NASDAQ:ADBE) jumped 4.86% after a stronger than expected first quarter, while semiconductor Micron Technology Inc (NASDAQ:MU) increased 2.40%

Elsewhere Overstockcom Inc (NASDAQ:OSTK) slumped 12.55% after reporting a 13% drop in fourth quarter revenue and Chinese e-commerce giant Alibaba (NYSE:BABA) was down 0.65%.

Investors are looking ahead to a flurry of data reports later in the day. Housing starts and building permits are released at 8:30 AM ET (12:30 GMT) while Michigan consumer sentiment and Job Openings and Labor Turnover Survey (JOLTS) come out at 10:00 AM ET (14:00 GMT).

In Europe stocks were up. Germany’s DAX rose 58 points or 0.48% while in France the CAC 40 increased two points or 0.04% and in London, the FTSE 100 was up seven points or 0.10%. Meanwhile the pan-European Euro Stoxx 50 gained six points or 0.19% while Spain’s IBEX 35 was flat.

In commodities, gold futures were up 0.17% to $1,320.00 a troy ounce while crude oil futures rose 0.28% to $61.36 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, inched down 0.19% to 89.97.

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