Stocks - U.S. Futures Jump After Trump Says China Wants to Restart Trade Talks
Investing.com
Published Aug 26, 2019 06:43AM ET
Updated Aug 26, 2019 07:04AM ET
Investing.com - U.S. futures pointed to a surge on Wall Street on Monday after U.S. President Donald Trump said China wanted to reopen trade talks.
Speaking at the G7 summit in Biarritz, France, on Monday, Trump said that he had received two phone calls from Chinese officials over the weekend urging new talks.
“This is the first time I’ve seen them where they really do want to make a deal, and I think that’s a very positive step,” Trump said.
The Chinese Foreign Ministry said it was not aware of any phone calls between the two nations but Vice Premier Liu He said he wanted to solve their trade differences as calmly as possible. Tensions escalated on Friday after both the U.S. and China announced new tariff measures and Trump appeared to threaten to use emergency powers to force U.S. companies to stop making goods in China.
Nasdaq 100 futures rose 60 points or 0.8% by 6:40 AM ET (10:40 GMT), while Dow Jones 30 Futures gained 163 points or 0.6% and S&P 500 futures were up 13 points or 0.5%.
Technology stocks surged, with Apple (NASDAQ:AAPL) up 2.1%, Advanced Micro Devices (NASDAQ:AMD) rising 3.3% and Tesla (NASDAQ:TSLA) jumping 1.7%. However, those gains weren't even half of the losses that all three companies sustained on Friday.
Walt Disney (NYSE:DIS) gained 0.9% after reports that it is collaborating with Target (NYSE:TGT) to open stores in 25 Target locations across the U.S., with another 40 planned by October 2020. Target rose 0.6%.
Elsewhere, Amgen (NASDAQ:AMGN) said it would buy Celgene's (NASDAQ:CELG) psoriasis treatment Otzela for $11.4 billion net of tax considerations. The asset is being sold off as part of Bristol-Myers Squibb's (NYSE:BMY) acquisition of Celgene.
On the economic front, durable goods orders for July come out at 8:30 AM ET (12:30 GMT).
In commodities, crude oil rose 0.8% to $54.58 a barrel. Gold futures gained 0.2% to $1,540.25 a troy ounce, while the U.S. dollar index, which measures the greenback against a basket of six major currencies, was up 0.3% to 97.847.
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Written By: Investing.com
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