U.S. stock futures rose Wednesday on optimism over U.S.-China trade talks.
As of 7 a.m. ET, Dow Jones Inudstrial Average futures indicated a gain of more than 70 points at the open. S&P 500 and Nasdaq futures also rose.
American and Chinese officials are reportedly closing in on a trade deal, having resolved most of the outstanding issues in their protracted trade dispute. Both countries have levied tariffs on billions of dollars’ worth of each other’s goods since last year.
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According to the Financial Times, Beijing wants Washington to remove existing U.S. duties on Chinese imports, while the Trump administration wants China to agree to enforcement measures that ensure the country sticks to the deal.
U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are scheduled to meet with Chinese Vice Premier Liu He later on Wednesday to resume talks.
The news appeared to support global equities as well as U.S. futures, with both European and Asian markets climbing Wednesday.
This comes after a rocky previous session for Wall Street. The Dow fell for the first time in four sessions Tuesday, pulling back from a solid rally at the start of the week.
In terms of data, weekly mortgage applications, private payrolls, the services PMI, and ISM’s non-manufacturing index are due to be released throughout the morning.
Caterpillar shares fell 1.2 percent after Deutsche Bank downgraded the industrial giant to hold from buy and slashed its 12-month price target. The bank cited a “collapse” in synchronized global growth.
Source: cnbc.com | Original Link