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 reported added that the China delegation planned to leave Washington on Thursday, the day higher level talks were set to begin.

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.

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