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US STOCKS-S&P futures wear water as Chinese-American tensions weigh

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* Futures mixed: Dow up 0.27%, S&P discount 0.10%, Nasdaq down 0.58%

By Medha Singh

May 28 (Reuters) – Futures contracts for the S&P 500 were broadly flat on Thursday as investors weighed in on hopes of a financial recovery against underlying tensions between the US and China.

Chipmakers, sensitive to China’s growth, were under pressure, with Intel Corp and Advanced Micro Devices Inc dropping about 1% each in pre-market trading.

President Donald Trump has promised action against China’s new national security legislation for Hong Kong at the end of the week.

Analysts have warned that relations between the world̵

7;s two largest economies in recent weeks over trade and the handling of the coronavirus outbreak pose the biggest threat to the stock market’s strong rally outside early March.

The benchmark S&P 500 reached a nearly three-month high on Wednesday, closing above the psychological key level of 3,000 against growing evidence of an upturn in business.

Investors will also focus on the Department of Labor data, which is expected to show that more than 2 million Americans were seeking unemployment benefits for the 10th straight week. The report is ready at 8:30 ET.

At 06:20 ET, Dow e-minis was up 69 points, or 0.27%, and the S&P 500 e-minis was down 3 points, or 0.1%. The Nasdaq 100 e-minis decreased by 54.5 points, or 0.58%.

Micron Technology Inc fell 1.1% despite increasing its third-quarter revenue forecast.

In a bright spot, Boeing Co climbed 4.2%, the most among the 25 Dow components traded before the clock, after the planner said it had resumed production of its 737 MAX passenger jet at its Washington facility. (Reporting by Medha Singh in Bengaluru; Editing by Anil D’Asilva)

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