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Stocks - U.S. Futures Surge on Positive Trade Talks

Published 12/12/2018, 06:41 AM
Updated 12/12/2018, 06:41 AM
© Reuters.

© Reuters.

Investing.com – U.S. futures pointed to a higher opening bell on Wednesday as trade optimism rose after upbeat comments from U.S. President Donald Trump.

The S&P 500 futures rose 17 points or 0.67% to 2,658.88 as of 6:40 AM ET (11:40 GMT) while Dow futures gained 148 points, or 0.61%, to 24,572. Meanwhile tech heavy Nasdaq 100 futures increased 59 points, or 0.89%, to 6,776.75.

Trump tweeted on Tuesday that talks with China were “very productive.” The two countries agreed to a trade truce in early December in order to discuss a trade deal. Meanwhile Trump told Reuters that he would intervene in a U.S. Justice Department's case against an executive of Huawei if it would serve national security interests or help close a trade deal with China.

China had threatened severe consequences unless Canada released Chief Financial Officer Meng Wanzhou immediately. She is currently out on bail after being arrested on an extradition request from the U.S.

General Electric (NYSE:GE) was among the top gainers in premarket trading, rising 1.3%, while Microsoft (NASDAQ:MSFT) gained 1.5% and Facebook (NASDAQ:FB) was up 1.1%. Exxon Mobil (NYSE:XOM) jumped 2% and Cisco Systems (NASDAQ:CSCO) increased 1.3% after news that it is in talks to buy optical chipmaker Luxtera. NVIDIA Corporation (NASDAQ:NVDA) inched up 1.3% after Softbank announced it plans to sell its stake in the company next year.

Elsewhere, eBay (NASDAQ:EBAY) fell 2.2% while Verizon (NYSE:VZ) slumped 1% after the company said its media company Oath is worthless.

In economic news, CPI figures are released at 8:30 AM ET (13:30 GMT).

gold futures rose 0.1% to $1,248.80 a troy ounce while crude oil futures increased 1.8% to $52.59 a barrel. The U.S. dollar index which measures the greenback against a basket of six major currencies, inched up 0.02% to 97.37.

-Reuters contributed to this report.

Latest comments

Hey guys I just wrote a post on big Aussie stock forum Hotcopper.com earlier.. . Have a read, it explains why the market is going down based on economic fundamentals and not what the headlines are and/or what Trump tweets.... I also give 2 high conviction long trades with reasoning behind them and what to be short.. Thanks.. https://hotcopper.com.au/posts/36837887/single
I've made this comment on another board on a similar story 2 days ago... For at least the past 6 weeks everytime I see an article "claiming" why the market is going up (or down as well) and citing futures as their rationale for a rally that day, everything sells off about an hour into the day. Happened Monday, happened yesterday, lets see if there's a 3peat.
Trade talks were going on for last 3 or more months . will go on e 3 months. . why 600 points every day?
Because we are entering a panic year as per Gann analysis. Big volatility is characteristic of panic year and it's not going anywhere. The whole of next year we'll see this volatility
The stock market should be based on what the market is doing not a bunch of stupid tweets. Remove the tweets and the S&P500 would be 3000 by now. The end.
So at what point during the day will Trump or an administration official say something to make the market plummet?
Who writes this drivel? The story is complete nonsense.
i had a good chuckle on that
Didn't we have the same reason for a rally on and on before? ====Feels like the Greek Debt crisis saga of 2010.
So stocks surge today on news that was out premarket yesterday? Lol right
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