China threatens to retaliate if the U.S. hikes tariffs
China has threatened to retaliate if the Trump administration goes ahead with the planned tariff increases on $300 billion worth of Chinese goods on September 1.
According to Bloomberg, China’s State Council Tariff Committee issued a statement Thursday, saying that Beijing has “has no choice but to take necessary measures to retaliate.”
However, the committee didn’t specify what measures to expect nor did it mention President Trump’s decision to delay a portion of the tariffs until the end of the year.
Wall Street poised to open lower
U.S. stocks look set to fall back again at the opening on Thursday, after suffering heavy losses in the previous session due to recession fears triggered by the inversion of the yield curve.
The blue-chip Dow futures dropped 92.5 points, or 0.36%, to 25,362.5 points by 5:49 a.m. ET, the S&P 500 futures traded down 6.37 points, or 0.22%, to 2,834.38 points, while the tech-heavy Nasdaq 100 futures was down 43.75 points, or 0.58%, to 7,445.00 points.
Alibaba, Walmart, Nvidia earnings on deck
Walmart (NYSE: WMT) and Alibaba (NYSE: BABA) are set to report their quarterly results ahead of the opening bell on Thursday.
Analysts forecast Walmart will post earnings of $1.22 per share on revenue of $130.11 billion, while Alibaba is expected to come out with earnings of $1.46 per share on revenue of $15.82 billion. Tapestry (NYSE: TPR), and J C Penney (NYSE: JCP) are also scheduled to report before the bell.
Meanwhile, Nvidia (NASDAQ: NVDA) is expected have earned $1.14 per share on revenue of $2.55 billion in the second quarter of fiscal 2020. The chipmaker will publish its results after the closing bell.