- Dow Jones Industrial Average (DJIA) futures plunged 100 points on Monday morning.
- China aggravated tensions by some halting US agricultural imports, threatening trade deal.
- The White House turned off all external lights in a historic moment last night amid growing protests in the capital.
U.S. stock futures whipsawed overnight, turning sharply lower in the early hours. Despite initial gains, Dow futures suffered a painful selloff as China yanked a key part of the phase one trade deal.
As Bloomberg reports, Chinese government officials have ordered state-run agriculture firms to halt U.S. purchases including soybeans and pork.
State-owned traders Cofco and Sinograin were ordered to suspend purchases… Chinese buyers have also cancelled an unspecified number of U.S. pork orders.
The move is believed to be retaliation for the White House’s latest stance over Hong Kong’s independence. Chinese agriculture purchases are a crucial part of the Sino-American trade deal, throwing the entire deal into disarray.
Dow futures swing wildly overnight
It’s been a wild night for the futures market, coming off the back of a weekend of civil unrest across America. Ongoing protests turned violent in many U.S. cities, including Washington D.C. As of 4.52 am ET, Dow futures were 108 points (-0.43%) lower.
This story is developing and will be updated shortly.
This article was edited by Samburaj Das.