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The Breakfast Briefing: S&P Futures, Tech Stocks Tumble After Huawei CFO Arrest
FYI: Stock markets in Asia and U.S. equity futures fell Thursday after Canadian authorities arrested a top executive of Chinese tech giant Huawei Technologies Co., fanning fears of another escalation in tensions between the world’s two largest economies.
Futures contracts on the S&P 500 index dropped as much as 2% in the minutes after trading began on Thursday, before rebounding to trade around 0.9% lower as European markets opened. Japan’s Nikkei 225 fell 1.9% Thursday, and Hong Kong’s Hang Seng fell 2.5%.
Trading in equity futures usually follows from regular stock-market trading, but U.S. markets were closed Wednesday for the funeral of former President George H.W. Bush.
Tech stocks led the declines in Asia. The Hong Kong-listed shares of China’s ZTE Corp., a rival to Huawei and the nation’s second-largest telecom equipment maker, fell 5.9%. Regards, Ted
