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Stock Futures Slip On Trade War Fears; Home Depot, Nike Advance Stock Futures Slip On Trade War Fears; Home Depot, Nike Advance

Trade worries weighed on early trade Tuesday, sending stock futures to narrow losses as investors awaited the next phase of the U.S.-China trade war.




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Dow futures slipped 0.3%, with China trade war-sensitive Boeing (BA) and Caterpillar (CAT) pacing the declines. S&P 500 and Nasdaq 100 futures edged 0.2% lower. Among Nasdaq 100 stocks, Netflix (NFLX), Baidu (BIDU) and Tesla (TSLA) were among those down more than 1%. Nike (NKE) and Home Depot (HD) topped the Dow in premarket trade. Advanced Micro Devices (AMD) and Nike led the S&P 500.

(For updates on this story and other market coverage, visit the Stock Market Today.)

Today’s anniversary of the Sept. 11, 2001, terrorist attacks in New York, Washington and Pennsylvania overlaps with the second day of the Rosh Hashanah holiday. Both tend to mute market activity. In addition, residents along the East Coast are preoccupied as millions evacuate ahead of Hurricane Florence. The strengthening Category 4 storm is expected to slam into South Carolina on Thursday.

Hurricane news helped lift shares of generator manufacturer Generac (GNRC) and home improvement suppliers Home Depot and Lowe’s (LOW) on Monday.

Overseas, Asia’s markets continued their recent rout on Tuesday. Hong Kong’s Hang Seng Index ended the day down 0.7%. That placed the benchmark more than 20% below its late January high, meaning that both Shanghai and Hong Kong are now in bear markets. India’s Sensex dived 1.3% to end 4% below its Aug. 29 high.

Again, Japan halted the selling. Tokyo’s Nikkei 225 surged 1.3% as the yen dropped and tech stocks tracked Monday’s positive performance in the U.S. In Europe, miners and automakers led stocks lower with the FTSE 100 down 0.6%. Frankfurt’s DAX slipped 0.6% and the CAC-40 in Paris lost 0.4% in afternoon trade.

Hurricane Lifts Home Depot; Nike Upgraded; Chips In Motion

Home Depot and Nike led the Dow’s early advancers, up 1% and 01.2%, respectively. Home Depot continued to receive a boost from hurricane expectations. The stock is in a buy range through 214.56, above a flat base buy point at 204.35.

Nike received an analyst upgrade to buy, from hold, from Canaccord Genuity. The brokerage said “Nike’s new ‘Just Do It’ ad campaign with Colin Kaepernick was a stroke of genius.” The note lifted the stock’s price target to 95, from 78. Wedbush had raised its price target on the stock to 90, from 85, on Monday, also based on marketing moves and product advances. Nike shares ended Monday in a buy range through 85.15. It retook an 81.10 flat base buy point on Monday.

Apple (AAPL) inched up less than 0.1%. It remains a center of attention ahead of the company’s highly anticipated iPhone introduction, scheduled for Wednesday morning.

Chip stocks were moving, led by IBD 50 stock Integrated Devices (IDTI). Integrated spiked 12%, after Japanese chipmaker Renesas said it would buy the San Jose, Calif.-based outfit. Renesas seeks to boost its exposure to self-driving auto technologies.

Advanced Micro Devices climbed 1.3% to lead the S&P 500. Intel (INTC) dropped 0.7%, to trade near the bottom of the Dow. Intel announced late Monday it had acquired system-on-a-chip maker NetSpeed for an undisclosed amount.

Yum China Holdings (YUMC) dived 12%. Bloomberg reported a group of China-based investors would abandon efforts to take over nearly 8,000 of Yum’s Pizza Hut, KFC and Taco Bell restaurants in China.

Earnings news produced some of Tuesday’s widest premarket losses. Apparel retailer Francesca’s Holdings (FRAN) careened 25% lower after reporting weak second-quarter results. August IPO Sonos (SONO) dived 16%, after reporting its first quarter as a publicly traded company late Monday.

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