Dow futures drop 300 points after Chinese media reports that trade talks have made no progress

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U.S. stock market futures plunged after the South China Morning Post reported that the U.S. and China made no progress in deputy level trade talks this week.

The report added that higher level talks, including China’s Vice Premier Liu He, would only be one day with the China delegation planning to leave Washington on Thursday. He and the delegation would leave on Thursday now, according to the report.

Dow Jones Industrial Average futures lost more than 300 points at one point and were last down 259 points, or 1%. S&P 500 and Nasdaq-100 futures were also down 1%.

The White House did not immediately respond to CNBC’s request for comment.

— With reporting by Kevin Breuninger

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