U.S. stock market futures plunged after the South China Morning Post reported on Wednesday evening that the U.S. and China made no progress in deputy-level trade talks this week.
The report added that higher-level talks including China’s Vice Premier Liu He would now be only one day, with the China delegation planning to leave Washington on Thursday instead of Friday as scheduled.
Dow Jones Industrial Average futures lost more than 300 points at one point and were last down 256 points, or around 1%. S&P 500 and Nasdaq 100 futures were also down 1%. Shares of key stocks related to global trade declined in after hours, with Apple and Caterpillar both down more than 1%.
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