Dow Futures Pull Back After Beijing Dismisses Reported US Trade Talks

U.S. stock futures pulled back Thursday morning, paring gains from a volatile session driven by shifting signals from the Trump administration on tariffs and trade. 

S&P 500 futures (SPY) slipped 0.2%, Nasdaq 100 futures (QQQ) dropped 0.3%, and Dow Jones Industrial Average futures (DIA) were down 0.4% during pre-market trade.

The retreat followed a sharp rally Wednesday, when all three major indexes rose more than 1% intraday. At one point, the Dow climbed more than 1,100 points before giving up much of the advance by the close.

President Donald Trump stated on Wednesday that his team was “actively” engaging with Beijing on trade policy, following a report that the U.S. was considering reducing tariffs on Chinese goods. However, the Chinese government tempered expectations Thursday, stating it had not held talks with the White House, “let alone reached an agreement.”

While recent gains were sparked by signs that Trump may be rethinking his approach on tariffs, the frequent reversals have left markets prone to sudden swings.

IBM shares fell 7% in pre-market trading after the company reported quarterly results that missed investor expectations.

Meanwhile, gold price rebounded above $3,300 per ounce Thursday morning. The precious metal had reached a record high on Tuesday before pulling back on Wednesday.

On the economic calendar, durable goods orders for March and weekly jobless claims are due before the opening bell, followed by home sales data once markets open.

Alphabet (GOOG) (GOOGL) and Intel (INTC) are set to report earnings after the closing bell on Thursday. Alphabet’s stock edged 0.2% lower in pre-market trade, while Intel’s shares traded 0.8% higher. 

Despite Thursday’s losses, the Nasdaq 100 is on track for a 2.6% weekly gain. The S&P 500 is up nearly 1.8% this week, while the Dow is poised for a 1.2% advance.

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