Market Snapshot: U.S. stock futures wobble as trade worries linger


U.S. stock-index futures traded slightly higher Monday, as investors watched fresh developments in clashes over tariffs between the U.S. and its global counterparts and awaited a batch of corporate quarterly results, which have so far helped drive stocks up.

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What are the main benchmarks doing?

Dow Jones Industrial Average futures YMU8, +0.06% rose 14 points to 25,425, while S&P 500 futures ESU8, +0.04% added 1.50 points to 2,841. Nasdaq-100 futures NQU8, +0.09% were up 8.50 points, or 0.1%, to 7,410.50.

The Dow DJIA, +0.54% closed out last week with a gain of less than 0.1%, while the S&P 500 index SPX, +0.46%  rose 0.8% and the Nasdaq Composite Index COMP, +0.12%  ended the week 1% higher.

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What’s driving markets?

Trade-war tensions were causing some jitters for investors, as reflected in the Shanghai Composite’s SHCOMP, -1.29%  more-than 1% drop on Monday. A weekend editorial in China’s Global Times newspaper, known for its nationalistic views, said the country was ready for a “protracted war” over trade and that Washington had “lost its mind” over the skirmish.

On Friday, China announced tariffs on $60 billion of U.S. products, in response to the U.S.’s planned 25% tariffs on $200 billion of Chinese imports. On Sunday, President Donald Trump tweeted that tariffs are “working big time.”

Meanwhile, data showed German manufacturing orders plunged 4% in June, an indication that the global trade dispute is taking a bite out of corporate investments. The German DAX 30 index DAX, +0.25%  fell 0.4%.

Oil prices climbed sharply Monday, with West Texas Intermediate futures CLU8, +1.31% up nearly $1, or 1.4%, to $69.47 a barrel, partly boosted by reports late last week that Saudi output may have fallen last month. Also, on Tuesday after midnight, the Trump administration is due to reinstate and intensify Iran sanctions on a range of sectors, with heavier measures aimed at the oil sector due to kick in after 90 days.

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The only U.S. economic item on the agenda is a July survey of consumer expectations, due for release at 11 a.m. Eastern Time.

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Which stocks are in focus?

Shares of SeaWorld Entertainment Inc. SEAS, -1.58% climbed 10% in premarket trade after the theme park and entertainment company posted better-than-expected revenue on a surprise jump in attendance numbers.

Newell Brands Inc. NWL, +0.19% Cardinal Health Inc. CAH, +0.64% will also report ahead of Monday’s open. Etsy Inc. ETSY, -2.03% Zillow Group Inc. ZG, +0.55% Tenet Healthcare Corp. THC, +0.76% Hertz Global Holdings Inc. HTZ, +4.19% and Weight Watchers International Inc. WTW, +0.16% are among those due to report after the close.

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Shares of Pain Therapeutics Inc. PTIE, +0.84%  slid 6.6% premarket after the drug company said the U.S. Food and Drug Administration rejected its non-opioid drug.

Tesla Inc. TSLA, -0.39%  shares slipped 0.8% in premarket trading. Shares rallied 17% last week, largely due to quarterly earnings that were released Thursday. CEO Elon Musk taunted short sellers, who are sitting on paper losses of nearly $2 billion, over Twitter early Sunday with a video meme of a Adolf Hitler movie.

Read: The revenue-growth rate that helped fuel Tesla’s rally relied on an apples-to-oranges comparison

What are other markets doing?

Gold futures GCZ8, -0.52% fell 0.5% to $1,216.60, as the U.S. dollar index DXY, +0.27% jumped 0.3% to 95.449.

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European stocks SXXP, -0.06% traded mixed, while Asian markets finished mixed.

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