Stock futures erase losses on softer U.S. stance on foreign investments

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(Reuters) – U.S. stock index futures were nearly flat on Wednesday, pulling back from sharp losses earlier, after the Trump administration softened its stance on restricting foreign investments.

FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 25, 2018. REUTERS/Brendan McDermid

The U.S. government will rely on a modernized Committee on Foreign Investment in the United States (CFIUS) as the best approach to protect sensitive domestic technologies, a senior administration official said.

At 7:59 a.m. ET, Dow e-minis 1YMc1 were down 10 points, or 0.04 percent. S&P 500 e-minis ESc1 were down 1.25 points, or 0.05 percent and Nasdaq 100 e-minis NQc1 were down 12.75 points, or 0.18 percent.

Half an hour earlier Dow e-minis were down 129 points, S&P 500 e-minis ESc1 were down 12.25 points and Nasdaq 100 e-minis NQc1 were down 57 points.

The S&P 500 .SPX tumbled as much as 2 percent Monday on reports that the U.S. Treasury Department was drafting curbs that would block firms with at least 25 percent Chinese ownership from buying U.S. tech firms.

Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta

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