(For a live blog on the U.S. stock market, click LIVE/ or type LIVE/ in a news window.)
* Trump to restore tariffs on Brazil, Argentina imports
* Chinese PMI numbers come in better than expected
* U.S. ISM manufacturing PMI due at 10 a.m. ET
* Retail stocks in focus on Cyber Monday
* Futures flat: Dow up 0.1%, S&P up 0.09%, Nasdaq up 0.01%
(Adds comments, updates market action)
By Arjun Panchadar
Dec 2 (Reuters) - Wall Street's main indexes were set to open flat on Monday as President Donald Trump said he would restore tariffs on metal imports from Brazil and Argentina, with investors shrugging off a surprise rise in Chinese manufacturing activity.
Trump said in a tweet he would immediately restore tariffs on U.S. steel and aluminum imports from Brazil and Argentina, surprising officials in the two South American countries and prompting them to seek explanations. news sent shares of steel makers including U.S. Steel Corp X.N and AK Steel Holding AKS.N up 1.4% and 2.5% in premarket trading.
"The concern here is what kind of retaliatory response those countries might have, let alone sort of a re-escalation of these tariff wars in the midst of trying to resolve one," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia.
U.S. stock index futures were earlier up about 0.4% after data showed China's factory activity expanded at its fastest pace in three years, reinforcing upbeat government data released over the weekend. data follows a clutch of mixed headlines on U.S.-China trade last week. Hopes of an imminent "phase one" trade deal and upbeat U.S. economic data sent Wall Street to record highs early in the week, but sentiment dulled on Friday after China issued a sharp rebuke to a U.S. law supporting protesters in Hong Kong.
Recent numbers from the United States have indicated that the domestic economy continues to be resilient despite signs of flagging global growth, a message reinforced by the Federal Reserve.
All eyes will now be on the ISM manufacturing activity survey for November, due at 10 a.m. ET. The reading is expected to rise to 49.2 from 48.3 in October.
Retail stocks also remained in focus, with Cyber Monday sales expected to hit a record following $11.6 billion in online sales on Thanksgiving and Black Friday. Walmart (NYSE: WMT ) Inc WMT.N , Amazon.com Inc AMZN.O and Target Corp (NYSE: TGT ) TGT.N gained about 0.3% in premarket trading. 8:57 a.m. ET, Dow e-minis 1YMcv1 were up 27 points, or 0.1%. S&P 500 e-minis EScv1 were up just 2.75 points, or 0.09% and Nasdaq 100 e-minis NQcv1 were up 0.75 points, or 0.01%.
Among other stocks, Roku Inc ROKU.O fell 7.9% as Morgan Stanley (NYSE: MS ) downgraded the video streaming device maker's shares to "underweight from "equal-weight". Inc SPLK.O rose 2.5% after Goldman Sachs (NYSE: GS ) upgraded shares of the company to "buy" from "neutral".
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.