U.S. Stock Market

Sep S&P 500 E-minis this morning are down -12.50 points (-0.44%). Thursday's closes: S&P 500 -0.14%, Dow Jones -0.29%, Nasdaq 100 -0.03%. The S&P 500 on Thursday closed lower on ongoing China/U.S. trade tensions that threaten to derail global economic growth. There were also geopolitical concerns after the U.S. imposed sanctions on Russia and Turkey, knocking the Russian ruble down to a 1-1/2 year low and the Turkish lira to a record low versus the dollar. Supportive factors included the -6,000 decline in U.S. weekly initial unemployment claims (vs expectations of +2,000) and the slightly weaker-than-expected U.S. Jul core PPI report of +2.7% y/y (vs expectations of +2.8% y/y, which was slightly dovish for Fed policy.