Stocks - U.S. Futures Rise as Tariff Delay Continues to Support
Published Jun 11, 2019 06:41AM ET
Investing.com - U.S. futures rose on Tuesday, enjoying continued support from the suspension of U.S. plans to levy tariffs on imports from Mexico, and from signs of fresh government stimulus measures in China.
President Donald Trump delayed a decision on import tariffs on Mexico on Friday, although the administration has continued to threaten further action against both Mexico and China.
Trump said on CNBC on Monday that if Chinese President Xi Jinping did not attend the G-20 meeting later this month, there would "immediately" be additional duties levied on Chinese goods.
Dow futures rose 113 points or 0.4% by 6:40AM ET (10:40 GMT), while tech-heavy Nasdaq 100 futures gained 49 points or 0.6% and S&P 500 futures was up 13 points or 0.5%.
Meanwhile, the People’s Bank of China said it would provide more stimulus support for local governments, most of which fund infrastructure investment. The news comes as trade tensions have begun to drag on the Chinese economy.
Amazon.com (NASDAQ:AMZN) was among the top gainers in premarket trading, gaining 1.1% after overtaking Google (NASDAQ:GOOGL) and Apple (NASDAQ:AAPL) as the world’s most valuable brand at $315.5 billion, according to the 2019 BrandZTM Top 100 Most Valuable Global Brands ranking.
Advanced Micro Devices (NASDAQ:AMD) jumped 1.5% to a new 13-year high, while Intel (NASDAQ:INTC) rose 0.9% after news that it is buying startup Barefoot Networks in a bid to compete with Broadcom (NASDAQ:AVGO), and Micron (NASDAQ:MU) was up 1%.
Tesla (NASDAQ:TSLA) was also in focus, with the electric car maker up 1.6% ahead of its annual shareholder meeting at 5:30 PM ET (21:30 GMT).
Elsewhere, Beyond Meat (NASDAQ:BYND) slumped 6.3%, vulnerable to profit-taking after soaring 600% since its IPO. Carnival (NYSE:CCL) dipped 0.1%, while Barrick Gold (NYSE:GOLD) lost 1.6%.
On the earnings front, H&R Block (NYSE:HRB) and Dave & Buster’s Entertainment (NASDAQ:PLAY) are set to report on Tuesday.
In commodities, crude oil gained 0.9% to $53.72 a barrel, while gold futures inched down 0.2% to $1,326.25 a troy ounce. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was flat at 96.695.
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Written By: Investing.com
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