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* China to halve extra tariffs on some U.S. imports
* Three main indexes set to hit record highs at the open
* Twitter advances as quarterly revenue tops $1 bln
* Kellogg declines after quarterly sales fall from year ago
* Futures up: Dow 0.37%, S&P 0.31%, Nasdaq 0.36%
(Adds quote, details; updates prices)
By Medha Singh
Feb 6 (Reuters) - Wall Street's main indexes were set to hit
record highs at the open on Thursday as China's plan to chop
additional tariffs on some American goods by 50% helped ease
fears over the financial fallout of the coronavirus epidemic.
Beijing said it would lower extra levies imposed last year
against 1,717 U.S. products, weeks after the signing of a Phase
1 trade deal. The tariff cut follows hefty monetary stimulus by China's
central bank earlier this week to support an economy hit by
shutdowns and travel restrictions due to the virus outbreak.
"The fear investors had when the virus first started seems
to have abated somewhat," said Rick Meckler, partner, Cherry
Lane Investments, a family investment office in New Vernon, New
Jersey.
A string of positive U.S. economic data too have helped
mitigate worries, fueling a three-day rally on Wall Street. The
Nasdaq .IXIC hit a record high on Wednesday and the S&P 500
.SPX is on pace for its best week in eight months after last
week's steep pullback.
However, the impact of the health emergency in China
continued to show up in corporate reports. Chipmaker Qualcomm
Inc QCOM.O flagged a potential threat to the mobile phone
industry from the outbreak, with a possible impact on
manufacturing and sales. Its shares fell 1.8% in premarket trading.
At 8:26 a.m. ET, Dow e-minis 1YMcv1 were up 109 points, or
0.37%. S&P 500 e-minis EScv1 were up 10.5 points, or 0.31% and
Nasdaq 100 e-minis NQcv1 were up 33.5 points, or 0.36%.
The fourth-quarter earnings season is more than half done
with nearly 70% of S&P 500 companies exceeding their earnings
estimates, according to IBES data form Refinitiv.
Twitter Inc TWTR.N gained about 8.3% after the
micro-blogging platform touched $1 billion in quarterly revenue
for the first time ever, beating analysts' estimates.
Breakfast cereal maker Kellogg Co K.N tumbled 6.3% after
it reported a decline in fourth-quarter sales. Tesla Inc TSLA.O slipped 3.4%, falling for the second day
after a stunning six-day rally.
As the week draws to a close, investor attention will shift
to the crucial U.S. jobs report on Friday.