U.S. stocks gave up overnight gains in futures on Friday after White House officials told CNBC there is no imminent trade deal with China, contrary to earlier reports. Disappointing announcements from Apple also weighed on investors, while a strong jobs report increased the fear of interest rates rising further.
Dow Jones Industrial Average futures rose as much as 1.2 percent after a report that President Donald Trump asked U.S. officials to begin drafting a trade agreement with China. The rise in the futures would have been a jump of 304 points for the index from Thursday’s close.
But the Dow ended down 109.91 points Friday after several White House officials told CNBC there was no indication of an agreement with China coming soon. Three senior administration officials told CNBC some progress is being made behind the scenes, but one official cautioned against reading too much into preparations for Trump’s expected meeting with Chinese President Xi Jinping at the end of the month.