* Futures down: Dow 1.85 pct, S&P 1.36 pct, Nasdaq 1.61 pct
* S&P 500 set to open below its 200-day moving avg
* Boeing tumbles 4 pct; Caterpillar down 3 pct
* Ford, GM, Tesla, Fiat sink 2.3 to 4.4 pct
* Chipmakers hit, led by AMD's 4 pct decline(Adds comments, details, updates prices)
By Sruthi Shankar
April 4 (Reuters) -
The speed with which the trade spat between
At 8:02 a.m. ET, Dow e-minis were down 443 points,or 1.85 percent. S&P 500 e-minis fell 35.5 points, or1.36 percent. Nasdaq 100 e-minis dropped 104 points, or1.6 percent.
The malaise was broad based. Twenty-nine of the 30 Dow JonesIndustrial Average components were lower in premarkettrading. Nearly 200 of the S&P 500 components were lower.Only three of the most active
"It's tit-for-tat as
The stock futures implied the S&P 500 would not only openbelow its 200-day moving average, a key support level watched bytechnical analysts, but also challenge its 2018 low from Feb. 9.
As has been the case since the trade war fears surfaced,industrials were the worst hit. Shares of Boeing, thesingle largest
Automakers Ford, General Motors, Fiat Chryslerand Tesla fell between 2.3 percent and 4.4percent.
Grain merchant Archer Daniels was down 3.3 percent,while Bunge slipped 2.2 percent.
Chipmakers, which have the highest revenue exposure to
"As a sector, technology has the most to lose from a worldin which global trade is restricted and of course, some of thesubjects of the tariffs, will also be hit," said Rick Meckler,president of investment firm LibertyView Capital Management in
Investors headed for safer bets.
The ADP National Employment report showed