Stocks - U.S. Futures Rise After White House Downplays Chinese Listing Measures
Investing.com
Published Sep 30, 2019 06:42AM ET
Updated Sep 30, 2019 08:47AM ET
Investing.com - U.S. futures jumped on Monday, as stocks were boosted by reports that the White House does not plan to block Chinese companies from listing shares on U.S. stock exchanges.
Treasury spokeswoman Monica Crowley told Bloomberg news on Saturday that “the administration is not contemplating blocking Chinese companies from listing shares on U.S. stock exchanges at this time.”
Reports of the U.S. government keeping Chinese companies out of the American stock market caused the S&P 500 to close 0.5% lower on Friday. Other measures that are being considered include putting caps on the weighting of Chinese companies in stock indexes managed by American companies, and limiting U.S. pension funds' exposure to Chinese firms.
U.S.-China trade talks are set to resume on October 10 in Washington.
Nasdaq 100 futures gained 35 points or 0.5% by 6:41 AM ET (10:41 GMT), while Dow futures rose 65 points or 0.2% and S&P 500 futures were up 8 points or 0.3%.
Technology stocks that rely heavily on the Chinese market were higher in premarket trade, with Apple (NASDAQ:AAPL) up 0.9% and Advanced Micro Devices (NASDAQ:AMD) surging 1%.
Banking stocks lower, with Wells Fargo (NYSE:WFC) slipping 0.2% and US Bancorp (NYSE:USB) falling 1%.
On the data front, Chicago PMI figures come out at 8:45 AM ET and Dallas Fed manufacturing index data will be published at 9:30 AM ET.
In commodities, crude oil futures lost 1.1% to $55.31 a barrel. Gold futures were down 0.8% to $1,493.75 a troy ounce, while the U.S. dollar index, which measures the greenback against a basket of six major currencies, rose 0.1% to 98.863.
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Written By: Investing.com
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