US STOCKS-S&P 500 set to open at record high as U.S.-China restart trade talks

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* Trump says China trade talks 'back on track'
* Chipmakers charge ahead in premarket trading
* Casino operators rise on higher Macau revenue
* Futures jump: Dow 1.02%, S&P 1.18%, Nasdaq 1.85%

(Adds comment, updates prices)
By Shreyashi Sanyal
July 1 (Reuters) - The S&P 500 was on track to hit a record
high at the open on Monday, fueled by a revival in trade talks
between the United Stated and China and a reprieve to Chinese
telecoms company Huawei.
The S&P 500 e-minis EScv1 and the Dow e-minis 1YMcv1 hit
record highs earlier, as risk appetite was boosted by the truce
that was agreed to at the G20 summit.
U.S. President Donald Trump offered concessions including no
new tariffs and an easing of restrictions on Huawei Technologies
Co Ltd HWT.UL , while China agreed to make unspecified new
purchases of U.S. farm products. Twenty-nine of the 30 Dow components trading before the bell
were higher and chipmakers with a sizable revenue exposure to
China jumped.
Intel Corp INTC.O , Advanced Micro Devices Inc AMD.O and
Micron Technology Inc MU.O gained between 3% and 5.3%.
"Any step towards a trade resolution, and it doesn't have to
be a lot of progress - just a step, is viewed very positively by
markets," said Scott Brown, chief economist at Raymond James in
St. Petersburg, Florida.
"And investors at this point are trying to focus on the
positive in hopes that there will be some trade resolution down
the line."
Stocks saw their steepest sell-off this year in May after a
breakdown in the U.S.-China trade negotiations sparked concerns
of a global economic slowdown.
However expectations of a more accommodative Federal Reserve
helped the S&P 500 .SPX and the blue-chip Dow Jones Industrial
Average index .DJI post their best June performance in
generations. The S&P 500 also scaled a record high on June 21.
As financial markets cheered the latest development in trade
talks, traders scaled back on the probability of a half-point
rate cut this month to around 15%, from nearer 50% a week ago.
At 8:35 a.m. ET, Dow e-minis 1YMcv1 were up 272 points, or
1.02%. S&P 500 e-minis EScv1 were up 34.75 points, or 1.18%
and Nasdaq 100 e-minis NQcv1 were up 142.25 points, or 1.85%.
Shares of the FAANG group - Facebook Inc FB.O , Apple Inc
AAPL.O , Alphabet Inc GOOGL.O , Netflix Inc NFLX.O and
Amazon.com Inc AMZN.O - rose between 1.4% and 2.6%.
Technology stocks .SPLRCT are Wall Street's top performers
as 2019 hit half-way on optimism that the sector's earnings
growth will outperform the rest of the economy over the next
several years, despite recent turbulence.
A rise in oil prices lifted energy stocks. OPEC and its
allies looked set to extend supply cuts until at least the end
of 2019 at their meeting in Vienna this week. O/R
Oil majors Exxon Mobil Corp XOM.N and Chevron Corp CVX.N
rose about 1%.
Among other stocks, shares of MGM Resorts International
MGM.N , Wynn Resorts Ltd WYNN.O , Melco Resorts &
Entertainment Ltd MLCO.O and Las Vegas Sands Corp LVS.N
climbed between 2% and 5.3% after gambling revenue in the
Chinese territory of Macau rose more than expected in June.
The demand for riskier assets halted a recent rally in gold
prices, which declined as much as 2%.
On the macro front, investors awaited U.S. June
manufacturing activity data. This would follow factory activity
surveys that have painted a downbeat picture across much of
Europe and Asia in the previous month.