U.S. stock index futures were slightly lower Friday morning, erasing some gains following a four-day winning streak on Wall Street.
in the previous session, boosted by China's decision to halve tariffs on a slew of U.S. products.
The world's second-largest economy announced it would halve tariffs on $75 billion worth of U.S. imports on Thursday. It means U.S. goods with a tariff rate of 10% will soon fall to 5%, while products that have a tariff rate of 5% will be reduced to 2.5%. The move, which is set to take effect from Feb. 14, was made in order to "advance the healthy and stable development" of trade between the world's two largest economies, according to a statement on China's Ministry of Finance website.
However, a rally in U.S. stocks was expected to lose steam on Friday, amid intensifying concern about the potential economic fallout of China's fast-spreading coronavirus.31,131 cases of the deadly pneumonia-like virus in the country, with 636 deaths.On the data front, the Labor Department will release nonfarm payrolls and the unemployment rate for January will be released at 8:30 a.m. ET.is for a net increase of 158,000 jobs and for the unemployment rate to stay flat at 3.
Average hourly wages for January, wholesale trade figures for December and consumer credit for December will also be released on Friday.
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