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China has raised doubts about a long-term trade deal, according to Bloomberg.
Chinese officials have warned they won’t budge on the most contentious issues, according to people familiar with the matter. They remain concerned about President Trump's impulsive nature and the risk he may back out of even the limited deal both sides say they want to sign in the coming weeks, Bloomberg reported.
The three major futures indexes are pointing to a decline of 0.4 percent when Wall Street begins trading.
Investors welcomed the Fed's third rate cut this year to shore up economic growth amid a bruising U.S.-China trade war. The Fed indicated it won't cut rates again unless the outlook worsens.
On Wall Street, the benchmark S&P 500 rose 0.3 percent, hitting a record for the second time this week. The Dow Jones Industrial Average gained 0.4 percent and the Nasdaq composite added 0.3 percent.
With its latest rate cut, the Fed has nearly reversed four rate hikes made in 2018.
The central bank's latest move reduces the short-term rate it controls — which influences many consumer and business loan rates — to a range between 1.5 percent and 1.75 percent.
Federal Reserve Chairman Jerome Powell signaled the central bank will likely forgo additional cuts while economic growth and inflation match the Fed's outlook.
The Commerce Department said U.S. economic growth slowed to a modest 1.9 percent in the July-September quarter. That surpassed forecasts for even weaker growth, however.
The next big economic report comes Friday when the government releases the monthly nonfarm payroll report.
Meanwhile, a monthly gauge of Chinese factory activity declined more than expected for October amid weak consumer demand and a tariff war with Washington.
That report sent China's Shanghai Composite down 0.3 percent.
Hong Kong slid into recession for the first time in a decade in the third quarter. The economy shrank 3.2 percent in July-September from the preceding period, contracting for a second straight quarter and meeting the technical definition of a recession, according to preliminary government data on Thursday.
Tokyo's Nikkei ended the day up 0.4 percent and Hong Kong's Hang Seng finished the session with a 1 percent gain.
In European markets, London's FTSE fell 1 percent, Germany's DAX dropped 0.6 percent and France's CAC slipped 0.5 percent.
The Associated Press contributed to this article.