Stock futures point to a higher open amid more US-China trade optimism

U.S. stocks were set to open slightly higher Monday amid increasing optimism around U.S.-China trade relations.

At around 6:55 a.m. ET, Dow Jones Industrial Average futures rose 56 points, indicating a gain of 63 points at the open. S&P 500 and Nasdaq 100 futures also pointed pointed to a higher open.

The S&P 500 was also about 1.6% from its record high set in late July. The Dow and Nasdaq Composite entered the session more than 2% from their all-time highs.

Bank shares rose in the premarket. Wells Fargo and J.P. Morgan Chase climbed 0.4% and 0.6%, respectively. Citigroup advanced 0.6% while Bank of America gained 0.7%.

The gains in bank stocks come as Treasury yield traded higher. The benchmark 10-year rate traded at 1.59% while the 2-year yield rose to 1.57%.


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China offered last week to increase purchases of U.S. agricultural products if the U.S. eased restrictions on telecom giant Huawei, Politico reported on Friday. China’s offer could also be contingent on the U.S. delaying higher tariffs on about $250 billion worth of Chinese imports, the report said.

Both countries have been engaged in a trade war since 2018. In that time, China and the U.S. have exchanged tariffs on billions of dollars worth of goods. The conflict has dampened expectations of global economic growth.

New data out of China showed that exports unexpectedly fell in August with a large contraction for shipments to the United States. The drop indicates further weakness in the world’s second largest economy and puts further pressure on Chinese lawmakers to announce new economic stimulus.

On the data front, there will be new consumer credit figures out at 3 p.m. ET.

Source: cnbc.com | Original Link

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