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Stocks - U.S. Futures Rise as Trade Talks, Lyft Debut Raise Mood

Stock Markets Mar 29, 2019 06:45AM ET
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Investing.com - U.S. futures rose on Friday, as ride-hailing service Lyft (NASDAQ:LYFT) prepared to make its Wall Street debut later in the day.

Ride-hailing company Lyft was valued at $24.3 billion in its initial public offering, and was priced at the top of a range that had already been increased. The strong demand for the offering creates a positive backdrop for IPOs from Uber and Pinterest later in the year, even though the gig economy companies have yet to make a profit.

U.S. trade negotiations with China, meanwhile, have resumed with a “productive working dinner”, according to Treasury Secretary Steven Mnuchin. His comments came after Larry Kudlow, the top economic advisor to President Donald Trump, warned that it could still take months to seal a deal that would end the two countries' trade war.

Dow futures rose 33 points or 0.1% by 6:43 AM ET (10:43 GMT), while S&P 500 futures inched up 3 points or 0.1% and tech-heavy Nasdaq 100 futures was up 11 point2 or 0.2%.

Technology stocks were among the top gainers in premarket trading, with Netflix (NASDAQ:NFLX) up 0.6% and Facebook (NASDAQ:FB) gaining 0.3%. The social media giant came under pressure from the government for allegedly allowing housing advertisers on its site to discriminate against minorities.

Wells Fargo (NYSE:WFC) jumped 1.3% on news that its CEO Tim Sloan is stepping down after 31 years at the bank, as it struggles to put its fake account scandal behind it.

Elsewhere, Tesla (NASDAQ:TSLA) fell 1.2% on news that its head of growth had left the company, according to Electrek, while Boeing (NYSE:BA) fell 0.4% after fresh reports hinting at the role of its flight control software in two fatal crashes.

On the economic front, personal income and spending numbers are expected at 8:30 AM ET (12:30 GMT) and new home sales are out at 10:00 AM ET (14:00 GMT).

In commodities, gold futures inched up 0.1% to $1,295.85 a troy ounce, while crude oil jumped 1.2% to $60.02, set for its biggest quarterly rise since 2009. The U.S. dollar index, which measures the greenback against a basket of six major currencies, gained 0.1% to 96.857.

Stocks - U.S. Futures Rise as Trade Talks, Lyft Debut Raise Mood
 

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Andre Augusto Cesta
Andre Augusto Cesta Mar 29, 2019 7:55AM ET
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If the US isn't falling yet, then who else should all being at the bottom without much share buybacks.
 
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