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Stocks - U.S. Futures Slip After Trump Signs Hong Kong Bill

Investing.com - U.S. futures fell in holiday-thinned trade after U.S. President Donald Trump signed legislation into law that supports Hong Kong protestors, raising a further hurdle to a trade deal with China.

Trump signed the law on Wednesday despite potential backlash from Beijing as the two superpowers try to resolve their trade differences. Chinese officials have threatened to take “firm countermeasures” and Chinese Vice Foreign Minister Le Yucheng demanded that Washington immediately stop interfering in China’s domestic affairs.

Nasdaq 100 lost 21 points or 0.3% by 6:48 AM ET (11:48 GMT), while Dow futures were down 54 points or 0.2% and S&P 500 futures slipped 6 points or 0.2%.

Trading is expected to be thin, as markets close early due to Thursday’s Thanksgiving holiday.

Retail stocks were in focus, as the holiday frenzy kicked-off with the biggest shopping day of the year. Macy’s (NYSE:M) gained 0.9% in premarket trade and Foot Locker (NYSE:FL) was up 1%.

Elsewhere, Pacific Gas&Electric Co (NYSE:PCG) tumbled 6.6% after a judge ruled that the California utilities company can be held liable for damage caused by its power lines, making it easier for wildfire victims to secure compensation from PG&E’s role in the devastating wildfires last year.

Semiconductor companies - always sensitive to trade-related news - were lower, with Micron Technology (NASDAQ:MU) falling 0.7% and Nvidia (NASDAQ:NVDA) and Advanced Micro Devices (NASDAQ:AMD) slipping 0.5% .

In commodities, gold futures inched up 0.1% to $1,462.75 a troy ounce, while the U.S. dollar index, which measures the greenback against a basket of six major currencies, gained 0.1% to 98.380. Crude oil futures fell 0.1% to $58.07 a barrel.

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