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Stocks- U.S. Futures Rise on U.S., China Trade Talks

Published 26/03/2018, 11:45
Updated 26/03/2018, 11:52
© Reuters.  U.S. futures pointed to a higher opening bell on Monday.

© Reuters. U.S. futures pointed to a higher opening bell on Monday.

Investing.com – U.S. Futures were higher on Monday as worry over a potential trade war eased on news that China and the U.S. have started trade negotiations.

The S&P 500 futures was up 30 points or 1.16% to 2,628.00 as of 6:43 AM ET (10:43 GMT) while Dow futures increased 258 points or 1.09% to 23,870.0. Meanwhile tech heavy Nasdaq 100 futures rose 93 points or 1.43% to 6,647.75.

The U.S and China are negotiating trade agreements to give the U.S. access to Chinese markets, according to various media reports.

China has offered to buy more semiconductors from the U.S., as well as opening up the financial services sector to foreign investment, the Financial Times reported.

Stocks tumbled on Friday after Trump announced tariffs on $50 billion worth of Chinese imports in retaliation for China’s unfair seizure of U.S. intellectual property. China responded by imposing tariffs on $3 billion of American exports, which worried investors of a potential trade war.

Apple (NASDAQ:AAPL) was among the biggest gainers in pre-market trading, surging 2.38% ahead of an education event in Chicago on Tuesday, where it may announce a cheaper iPad aimed at educators.

Meanwhile construction firm USG Corporation (NYSE:USG) rose 10.41% while JC Penney Company Inc Holding (NYSE:JCP) increased 5.15% and Chinese e-commerce giant Alibaba Group Holdings Ltd (NYSE:BABA) was up 3.00%. Dropbox Inc (NASDAQ:DBX) rose 3.34%, as its shares soared in the biggest tech initial public offering (IPO) since Snapchat. The file hosting company released its IPO on Friday.

Elsewhere Facebook (NASDAQ:FB) continues to face criticism for breaching data privacy after a third-party targeted 50 million users with political ads without their knowledge. Shares of Facebook inched down 0.24%.

Investors will be looking ahead to a flurry of speeches from Federal Reserve officials later in the day. New York Fed President William Dudley will speak in Washington DC at 12:30PM ET (1630GMT) while Cleveland Fed President Loretta Mester is expected to at Princeton University, in New Jersey, at 4:30PM ET (2030GMT). Later Fed Vice Chair Randal Quarles is due to speak at a forum in Atlanta at 7:10PM ET (2310GMT).

In Europe stocks were up. Germany’s DAX rose 66 points or 0.56% while in France the CAC 40 increased 16 points or 0.33% and in London, the FTSE 100 was up 23 points or 0.35%. Meanwhile the pan-European Euro Stoxx 50 gained eight points or 0.25% while Spain’s IBEX 35 inched up 27 points or 0.30%.

In commodities, gold futures fell 0.15% to $1,347.90 a troy ounce while crude oil futures was down 0.39% to $65.62 a barrel. The U.S. dollar index which measures the greenback against a basket of six major currencies, decreased 0.34% to 88.80.

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