Bank of America CEO Brian Moynihan is not worried about an economic slowdown as the U.S. consumer is still in a strong place.Banksread more
Target beats second-quarter earnings expectations thanks to an increase in traffic and sales. The retailer also boosts its full-year estimates.Retailread more
Corporate debt recently passed the $1 trillion mark in a continuing sign of global financial displacement.Marketsread more
President Donald Trump proclaimed the economy healthy in a pair of tweets Wednesday, saying the only thing holding U.S. growth back was the Federal Reserve.Marketsread more
Trump said he has "been thinking about payroll taxes for a long time" — and he cautioned that "whether or not we do something now, it's not being done because of recession."Politicsread more
Fitbit is hoping to shift its business model from relying on hardware sales to selling health plans and governments on software and services.Technologyread more
Lowe's also tops rival Home Depot on same-store sales growth in the U.S.Retailread more
"As long as the trade situation remains fluid, it will present an additional layer of uncertainty and complexity as we plan our business," Target CEO Brian Cornell said.Retailread more
"Under the guidance of the new CEO, Lowe's is getting its act together," says Oppenheimer's Brian Nagel. "If we're right here and this continues, this stock has a long way to...Retailread more
Morgan Stanley warns that "the wheels for a slowdown are in motion," adding that a slowdown in the manufacturing sector is spreading.Marketsread more
Hedge funds are steering away from battered tech and semiconductor stocks, while bottom-fishing in health care names, according to Goldman Sachs.Marketsread more
(For a live blog on the U.S. stock market, click or type LIVE/ in a news window.)
* Tariff increase on $200 bln of Chinese goods takes effect
* Two countries holding last-ditch talks in Washington
* Symantec plunges on profit warning, CEO departure
* Ford gains on Bank of America Merrill upgrade
* Futures down: 0.60%, S&P 0.71%, Nasdaq 0.79% (Changes comment, updates prices)
May 10 (Reuters) - Wall Street was set to open lower on Friday, as investors fretted over the possibility that the trade dispute between the United States and China may linger, even as the two sides held last-minute talks to seal a deal.
President Donald Trump said he was in "absolutely no rush" to finalize a trade agreement with China, after the United States increased duties to 25% on $200 billion worth of Chinese goods overnight.
But even as Beijing threatened retaliation, negotiators in Washington agreed to stay on for a second day, raising hopes that a deal would be reached.
"Everyone knows that the United States and China are talking, and are looking at the tariffs as a bargaining chip. It's all about leverage and who outmaneuvers whom," said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, New Jersey.
"In the end Trump will get a deal done, but in the interim we have to put up with his way of doing it. We are going to have a lot of volatility, until we have clarity."
Boeing Co, the single largest U.S. exporter to China, declined 0.7% in premarket trading, while Caterpillar Inc dropped 1.3%.
Chipmakers, which get a large chuck of their revenue from China, also slipped, with Nvidia Corp, Micron Technology Inc and Intel Corp trading down between 0.5% and 1.5%.
The spike in tensions this week has triggered a flight to safety and triggered a 2.5% drop in the S&P 500 so far this week, setting the benchmark index to post its worst weekly decline since December.
At 8:33 a.m. ET, Dow e-minis were down 155 points, or 0.6%. S&P 500 e-minis were down 20.5 points, or 0.71% and Nasdaq 100 e-minis were down 59.75 points, or 0.79%.
Amid market uncertainty, ride-hailing company Uber Technologies Inc is set to make its market debut after raising $8.1 billion in the largest U.S. IPO since 2014.
Symantec Corp plunged 15.8% after the antivirus software maker issued a profit warning and unexpectedly announced that its chief executive officer would step down.
Shares of Ford Motor Corp rose 1.4% after report that Bank of America Merrill upgraded the carmaker's stock to "buy" from "neutral." (Reporting by Amy Caren Daniel in Bengaluru; Editing by Sriraj Kalluvila)