Dow Futures Under Pressure From Renewed Trade Tensions

Dow Jones Industrial Average (DJI) futures are signaling a triple-digit drop this morning, as the blue-chip index looks unable to build on yesterday's strong gains. Trade tensions with China resurfaced overnight, after a Bloomberg report indicated the Trump administration was not ready to lift its ban on U.S. companies purchasing Huawei products, in response to China not buying American crops. This has the tech sector -- which fueled yesterday's rally -- pulling back this morning.

Elsewhere, the 10-year Treasury yield is hovering around 1.7%, while September-dated crude futures look set to add to yesterday's gains, up 1.2% at $53.16 per barrel, at last check. On the data front, the producer price index (PPI) for July matched expectations, while inflation remained flat at 1.7% year-over-year.

Continue reading for more on today's market, including: 

• Analyst: Buy this retail stock during the trade war.
• A big FDA win had this drug stock crushing shorts.
• Why Advanced Micro Devices stock just logged its best day since January.
• Plus, Beyond Meat ditches Japan; Uber in trouble after earnings; and FDA news sinking Amarin stock.

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw 996,781 call contracts traded on Thursday, compared to 617,243 put contracts. The single-session equity put/call ratio fell to 0.62, while the 21-day moving average remained at 0.66.
2. Two days removed from a Subway partnership, Beyond Meat Inc (NASDAQ:BYND) stock is down 1.4% in electronic trading, after the plant-based burger maker abandoned its plans to enter the Japanese market. BYND nabbed a record high of $239.71 on July 26, but has shed 17% so far in August.
3. Uber Technologies Inc (NYSE:UBER) stock is down 7.2% ahead of the bell, after the ride-sharing company reported a wider-than-expected second-quarter loss and revenue that fell short. Analyst reaction has been mixed, though D.A. Davidson cut its price target to $44 -- a slight premium to last night's close at $42.97.
4. The shares of Amarin Corporation plc (NASDAQ:AMRN) are down 20.6% in electronic trading, after the Food and Drug Administration (FDA) said it will hold an advisory meeting on the labeling of the company's heart disease drug Vascepa. This will delay the FDA's decision by three months. AMRN is set to open at its lowest point since early January.

5. Tidewater (TDW), Tribune Media (TRCO), and U.S. Concrete (USCR) will release earnings reports.

GDP Boosts Nikkei; Italian Politics Weigh on Europe

It was a mixed finish in Asia today, as traders digested a batch of regional economic data. In Japan, a stronger-than-expected reading on second-quarter gross domestic product (GDP) sent the Nikkei up 0.4%. South Korea's Kospi also settled in positive territory, adding 0.9%. In China, meanwhile, the consumer price index showed inflation jumped to a 17-month high, with food prices surging 9.1% amid a swine fever outbreak. Washington's latest swipe at Huawei also weighed on investor sentiment, with China's Shanghai Composite and Hong Kong's Hang Seng each giving back 0.7%.

European markets are lower at midday, with stocks selling off after Italy's Deputy Minister Matteo Salvini called for a snap election. At last check, the German DAX is down 1.2%, after a report showed export growth slowed in the first half of the year, while the French CAC 40 is off 1%. In London, the FTSE 100 is down a more modest 0.04%, as the pound cools on data that showed the country's economy contracted in the second quarter.