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Stocks- U.S. Futures Rally After Trump Tones Down Huawei Rhetoric

Published 05/24/2019, 06:54 AM
Updated 05/24/2019, 06:54 AM
© Reuters.

© Reuters.

Investing.com - U.S. futures pointed to a higher opening on Wall Street on Friday after U.S. President Donald Trump toned down his attacks on Huawei.

Trump told reporters that if a trade deal was made with China, Huawei - which he still referred to as "very dangerous" - could be included in some form. The news eased fears among investors of a tech cold war between Washington and Beijing.

Dow futures rose 165 points or 0.7% by 6:52 AM ET (10:52 GMT), while tech-heavy Nasdaq 100 futures gained 42 points or 0.6% and S&P 500 futures was up 18 points or 0.6%.

Facebook (NASDAQ:FB) rose 0.8% after it said it removed 3.4 billion fake accounts, while Tesla (NASDAQ:TSLA) gained 3.2% and Qualcomm (NASDAQ:QCOM) inched up 0.1%, after losing 16% so far this week.

Amazon.com (NASDAQ:AMZN) was up 0.9% as it tried to lure Prime members to its one-day shipping service with warehouse reductions of up to 75%.

Elsewhere, Autodesk (NASDAQ:ADSK). fell 7.9%, while Foot Locker (NYSE:FL) fell as much as 10% after missing on first-quarter earnings, while software services company Splunk (NASDAQ:SPLK) fell 2.2% even after it posted better-than-expected results.

The economic calendar is sparse, with durable goods orders out at 8:30 AM ET (12:30 GMT).

In commodities, crude oil bounced 1.1% to $58.57 a barrel after losing 6% on Thursday, while gold futures fell 0.3% to $1,280.85 a troy ounce. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was down 0.1% to 97.650.

Latest comments

China has us right where they want us. But they will agree at some point.
This is a mafia government, even they can agree superficially, they will never abide by the rules, so wake up
Well, China and US should cease attacking one another economically for the betterment of the world economy
China should stop building military island bases in international waters. But, they won't.
The US should stop having military bases in every foreign country. But they won't....
How many US military base are on foreign territories ? 800 just to remind you.
Wake up US! The sooner US company realize that China isn't a gold mine for them long term, the better. All of these companies want to get into China but they can't contemplate that in order to do business in China you have to form a partnership with a Chinese company. When you do that, the Chinese government essentially gets to pick which company you will partner with, and that company is almost always owned by the Chinese government. Have trade secrets, the Chinese government now has it. Have designs for a product. The Chinese government now has it. The Chinese government has proven, time and time again that they will take that information and pass it to another company and let that company make counterfit products, or let the original venture flounder so bad that the foreign company leaves, then the Chinese company picks up the business and just runs with the foreign name and keeps on making money. Doing business in China is like trying to kiss a rattle snak
Thanks for the illuminating writing. so true!
Don't count on T words. Overnight will change it.
anyone notice that this year, every Thursday is red. every Friday is green.
Yeah cuz it's called Risk Free Friday.
really?
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