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Stocks - U.S. Futures Gain as China Pushes for Tariff Roll Backs

Stock MarketsNov 05, 2019 12:14
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Investing.com - Wall Street looked to open at another record on Tuesday after closing on Monday at an all-time high due to strong earnings, upbeat economic data and trade optimism.

Nasdaq 100 were up 18 points or 0.2% by 6:49 AM ET (10:49 GMT), while Dow futures gained 61 points or 0.2% and S&P 500 Futures rose 5 points or 0.2%.

China is pushing the U.S. to remove some of the tariffs imposed in September as part of the “Phase One” trade deal the two nations are hoping to sign before the end of the year, according to various reports. Beijing is seeking to roll back tariffs on as much as $360 billion worth of Chinese goods before it will agree to any deals, the reports say.

President Xi Jinping stressed on Tuesday China’s commitment to global trade, and that the country would “open its doors only wider” to the world but did not make any mention of the potential trade deal with the U.S.

Medical device maker Becton Dickinson (NYSE:BDX) inched up 0.3% after its earnings came in line and its revenue was higher than expected, while Beyond Meat (NASDAQ:BYND) jumped 3.4% and Pacific Gas & Electric Co (NYSE:PCG) added another 3.2% after gaining 13% on Monday.

Elsewhere, Uber Technologies (NYSE:UBER) tumbled 5.9% after the ride-sharing company reported a $1.16 billion loss in the last quarter, with investors skeptical about CEO Dara Khosorshahi's assurances of a profit in 2021 before interest, taxes, depreciation and amortization.

Netflix (NASDAQ:NFLX) slipped 1% as Walt Disney Company (NYSE:DIS) announced that its Disney+ streaming service will feature a permanent library, instead of rotating shows.

On the data front, the trade balance, import and export figures are due at 9:30 AM ET, while the composite and services purchasing managers’ index are expected at 10:45 AM ET, followed by non-manufacturing PMI at 11:00 AM ET.

In commodities, gold futures fell 0.3% to $1,506.35 a troy ounce, while the U.S. dollar index, which measures the greenback against a basket of six major currencies, was flat at 97.375. Crude oil futures jumped 0.8% to $56.98 a barrel.

Stocks - U.S. Futures Gain as China Pushes for Tariff Roll Backs
 

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