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Stocks - U.S. Futures Higher as Trump Prepares to Meet Top China Trade Rep

Published 02/22/2019, 06:41 AM
Updated 02/22/2019, 06:41 AM
© Reuters.

Investing.com – U.S. futures pointed to a higher opening bell on Friday, as the U.S. and China continue to work towards a trade deal before tariffs on Chinese goods are increased on March 1.

While the world's two largest economies have made progress, there still remain many gaps between the two sides, The Wall Street Journal reported.

“It’s one thing to write something on a piece of paper,” Secretary of State Mike Pompeo said on Fox Business Network on Thursday. “It’s another thing to have enforcement mechanisms. And I know our trade team is hard at work, making sure that the American people get that.”

The S&P 500 futures rose 11 points or 0.43% as of 6:40 AM ET (11:40 GMT) while Dow futures gained 120 points or 0.47% and tech-heavy Nasdaq 100 futures was up 37 points or 0.53%.

Intel (NASDAQ:INTC) was among the top gainers in premarket trading, rising 2.5%, while Facebook (NASDAQ:FB) gained 0.5% and Tesla (NASDAQ:TSLA) jumped 1.3% as it began delivery of its Model 3 to China ahead of schedule. Streaming and ad-based business Roku Inc (NASDAQ:ROKU) rose 6% after its earnings came in better than expected, while Newmont Mining (NYSE:NEM) was up 2.9%.

Elsewhere, Kraft Heinz (NASDAQ:KHC) slumped 20% after its earnings missed estimates and it wrote down the value of its Kraft and Oscar Mayer trademarks by $15.4 billion. The company is also being investigated by the Securities and Exchange Commission due to its accounting policies and internal controls.

Investors will also be paying close attention to speeches from Federal Reserve officials later in the day, especially after Thursday’s disappointing economic data.

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The Fed has paused its pace of interest rate hikes and may not run down its balance sheet by as much as first thought, minutes from the central bank showed on Wednesday.

Vice Chairman Richard Clarida is set to speak at 12:00 PM ET (17:00 GMT), while the Fed’s Vice Chairman for Supervision Randal Quarles speaks on the Fed’s balance sheet at 1:30 PM ET (18:30 GMT).

Meanwhile European Central Bank President Mario Draghi is expected to speak at 10:30 AM ET (15:30 GMT), and may offer further insights into the ECB's reaction to a slew of weak economic data in the last couple of weeks.

In commodities, gold futures fell 0.2% to $1,325.05 a troy ounce, while crude oil recovered 0.9% to near a three-month high of $57.49 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, inched down 0.01% to 96.45.

Latest comments

When I think of TRUMP PREPARING then I think of a little student who constantly fails his tests due to lack of preparation. I think that Trump simply can not prepare. He is so gung ho on his delusions and blurting them out that preparation is way to tedious for him. If Trump had better prepared for everything he was responsible for then he would never have done what he did including that 'TRADE WARS ARE EASY TO WIN'. Is he ever choking on this one now. Good luck! Making any deals with communists has not proven productive, yet.
Am I the provident hand that is being bitten by your uncaring dog? Or am I the dog that is not grateful for a trough full of disgusting jetsam. ? Your allusion is vaguely threatening.
As is all drama stance upon doomsday pessimism. We are free to fear the worst possible outcome in each opportunity, and spread our fears to those with an ear to listen. But, the successful nations of our world were not founded upon such principals, nor built upon the fundamentals of gloom. A wise (and rather wealthy) man once said: "There are two types of people in our world; those who possess the vision to solve problems, and those who represent the problems to be solved." See to it that you are on the winning side of that line.
Marshall, do you really cling to the false prophecy of trickle-down economics ?
Zoltan, obscenity is not the trademark of spiritual growth. I'm sorry that you left your MAGA hat at home.
Truth hurts
No, you misunderstood me. Mr Trump is in the deep habit of creating crises and then seeks kudos for trying to solve them. Think of the false North Korea war looming that HE saved up from, his starting your trade war in the name of trade imbalance- in which HE jacked the price of domestic steel and that HE claimed that Canada represented a grave national threat- prompting GM to shutter a car plant with 15,000 assembly line workers, his disastrous story about illegal immigrant caravans threatening The Homeland- and the overpowering need to WALL up the border. I could go on for a half hour and not hit half of his ridiculous forays meant to distract us from the fact that he and his grifting family are going to be prosecuted for being serial money launderers.
These couttries have threaten us. I take it you are a catcher not a pitcher?
He created!? If I remember right he was elected in 2016. How in God's name did he create the lopsided trade agreements we have with the rest of the world. Let me guess you are a liberal?
So ... What I hear you saying is that Trump "created" the unfair tariff leniency that existed for decades before he took office. Assuming that you support fair trade standards, and the subsequent economic benefits that trickle down to investors like ourselves .. one must wonder about the dog that bites the hand that feeds it.
Lol @ "trickle down"
Even though China and Usa would get a good deal, even Brexit would get a good end to the deal...In my opinion, we are not going in the world economy in the right direction.Stocks It may take a while to look up. But when the dust drops to the floor, the downhill begins. I guess the rest of the spring to the end of the year the world economy will go down. Stocks will go heavily down.
While I respect your opinion, I strongly disagree. In a strong and healthy global economy, money flows in a circular pattern; exchanging hands continually, and benefitting each accordingly. However, the longstanding tariff imbalance that exists between China and the USA has permitted biased profit flow, and subsequent "pooling" of profits to the resultant harm of the US economy. Since the USA is an integral player in both world trade and base of currencies, the old adage: "What is good for the goose, is good for the gander." comes into play. Levelling the playing field, with regards to US/China trade, serves to strengthen the US dollar, which is sure to impart positive ripples across the pond. Additionally, the inevitable boost in economically competitive manufacturing of US exports will further impact many global trade alliances with positive outcomes expected for US employment stats. Indeed, there is every reason to expect a slow, steady increase in economic stability in 2019.
damn right. The market jumps when Mr. Trump seems to want to fix the problem he creates
He created? Lay off the smoke...
The only important news is the Fed dovish accommodation to a weak economy, now in excess. Seems like the balance sheet will never be reduced. Now we are back to no other place to bet the money other than the market.
i.e. “the new normal”
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