Stocks may pause record run over trade uncertainty

Peter Navarro: Trump has ‘forever changed’ the narrative about China

‘There is no agreement at this time to remove any of the existing tariffs as a condition of the phase one deal and the only person who can make that decision is President Donald J. Trump and it’s as simple as that,’ White House Trade Adviser Peter Navarro said.

U.S. equity futures are pointing to a lower open on Friday when trading begins on Wall Street over uncertainty concerning the details of a potential trade deal between the U.S. and China.

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The three major futures indexes are pointing to a decline of 0.1 percent.

WHITE HOUSE ADVISOR NAVARRO ON CHINA: NO DEAL UNTIL TRUMP SAYS SO

Despite reports, early Thursday that China and the United States have agreed to roll back tariffs on each others’ goods as part of the first phase of a trade deal, White House Director of Trade and Manufacturing Policy Peter Navarro told FOX Business' Lou Dobbs, if President Trump didn't say it, don't believe it.

"There is no agreement at this time to remove any of the existing tariffs as a condition of the phase one deal," Navarro said during an interview on "Lou Dobbs Tonight"  "and the only person who can make that decision is President Donald J. Trump and it's as simple as that."

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In early trading, London's FTSE lost 0.3 percent and Germany's DAX retreated 0.2 percent. France's CAC shed 0.2 percent.

In Asia, the Shanghai Composite lost 0.5 percent while Hong Kong's Hang Seng tumbled 0.7 percent. Tokyo's Nikkei advanced 0.3 percent.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 27674.8 +182.24 +0.66%
SP500 S&P 500 3085.18 +8.40 +0.27%
I:COMP NASDAQ COMPOSITE INDEX 8434.516091 +23.89 +0.28%

Enthusiasm over the initial tariff report sent stocks higher on Thursday, the S&P gained 0.3 percent, the Dow climbed 0.7 percent and the Nasdaq composite rose 0.3 percent. Both the Dow and the S&P closed at all-time highs, while the Nasdaq was within 0.01 percent of the record it set earlier this week.

The Associated Press contributed to this article.

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