Reuters
Published Nov 07, 2019 13:38
US STOCKS-Futures jump as China signals progress in trade talks
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* Futures up: Dow 0.48%, S&P 0.35%, Nasdaq 0.44%
By Arjun Panchadar
Nov 7 (Reuters) - 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.
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 MMM.N and Caterpillar
Inc CAT.N rose nearly 1% in premarket trading. Chipmakers with
sizeable exposure to China, including Intel Corp INTC.O ,
Micron Technology MU.O and Nvidia Corp NVDA.O , were up
between 1.7% and 2%.
Also supporting tech stocks was a 6.1% gain in Qualcomm Inc
shares QCOM.O 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 EXPE.O dropped 13.2% as the online
travel booking company missed quarterly profit estimates.
Roku Inc ROKU.O 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".
Written By: Reuters
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