Futures jump as China signals progress in trade talks
U.S. stock index futures jumped on Thursday as signs of a U.S.-China trade truce and a fresh batch of earnings reports looked set to restart a rally that has led Wall Street to record highs, Trend with reference to Reuters reports.
The benchmark S&P 500 index is eyeing its fifth straight week of increases, while the tech-heavy Nasdaq is set to log six weeks of gains.
China said on Thursday that it had agreed with the United States to remove tariffs in phases, while the state-owned Xinhua News Agency said Beijing was also considering removing restrictions on poultry imports.
Trade-sensitive industrials 3M Co and Caterpillar Inc rose nearly 1% in premarket trading. Chipmakers with sizeable exposure to China, including Intel Corp, Micron Technology and Nvidia Corp, were up between 1.7% and 2%.
Also supporting tech stocks was a 6.1% gain in Qualcomm Inc shares after the chipmaker forecast current-quarter profit above analysts’ estimates.
At 7:22 a.m. ET, Dow e-minis 1YMcv1 were up 131 points, or 0.48%. S&P 500 e-minis EScv1 were up 10.75 points, or 0.35% and Nasdaq 100 e-minis NQcv1 were up 35.75 points, or 0.44%.
Expedia Group Inc dropped 13.2% as the online travel booking company missed quarterly profit estimates.
Roku Inc plunged 14.5% after posting a wider net loss in the third quarter, as it spent more to attract subscribers to its video streaming platform.
Twitter Inc (TWTR.N) fell 1.4% after Evercore ISI downgraded the stock to “underperform” from “in-line”.