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* Futures: Dow and S&P up 1%, Nasdaq gains 1.29%
By Medha Singh
Aug 16 (Reuters) - U.S. stock index futures rose 1% on
Friday, as hopes of more stimulus from central banks helped lift
some gloom in what has been a turbulent week for markets.
The three main Wall Street indexes are on track for their
third week of decline, after the inversion of a U.S. yield curve
on Wednesday pointed to a looming recession. US/
China said overnight that it was planning to roll out
stimulus to stymie an economic slowdown. Investors were also
looking forward to interest rate cuts from the Federal Reserve
and the European Central Bank next month to fight softening
economic growth. Among stocks, Nvidia Corp NVDA.O jumped 6% in premarket
trading after posting better-than-expected quarterly profit and
revenue. Other semiconductor stocks, including Advanced Micro Devices
Inc AMD.O , Micron Technology Inc MU.O , Intel Corp INTC.O ,
were up between 1.5% and 3.2%.
At 7:02 a.m. ET, Dow e-minis 1YMcv1 were up 251 points, or
0.98%. S&P 500 e-minis EScv1 were up 28.5 points, or 1% and
Nasdaq 100 e-minis NQcv1 were up 96.75 points, or 1.29%.
Upbeat U.S. retail sales data on Thursday overshadowed
conflicting signals on trade. President Donald Trump said both
sides were holding "productive" trade talks even as Beijing
vowed to take necessary counter-measures to the latest round of
tariffs on Chinese goods. The drawn-out trade war between the world's largest
economies and fears about its fallout on global growth have led
to a more than 4% drop in the three main indexes this month.
Interest-rate sensitive lenders, including Bank of America (NYSE:BAC)
Corp BAC.N , Citigroup Inc (NYSE:C) C.N , JPMorgan Chase (NYSE:JPM) & Co JPM.N ,
and Morgan Stanley (NYSE:MS) MS.N , rose above 1% as U.S. Treasury bond
yields eased off their lows. US/
The so-called FAANG group - which includes Facebook Inc
FB.O , Amazon.com Inc AMZN.O , Apple AAPL.O , Netflix Inc
NFLX.O and Google-parent Alphabet Inc GOOGL.O - gained
between 1.2% and 1.6%.
Deere & Co DE.N shares fell 2.8% as the farm equipment
maker cut its full-year profit and sales growth forecasts.