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US STOCKS-Futures jump as China signals progress in trade talks

Published 07/11/2019, 13:38
Updated 07/11/2019, 13:45
© Reuters.  US STOCKS-Futures jump as China signals progress in trade talks

© Reuters. US STOCKS-Futures jump as China signals progress in trade talks

(For a live blog on the U.S. stock market, click LIVE/ or

type LIVE/ in a news window.)

* Futures up: Dow 0.48%, S&P 0.35%, Nasdaq 0.44%

By Arjun Panchadar

Nov 7 (Reuters) - U.S. stock index futures jumped on

Thursday as signs of a U.S.-China trade truce and a fresh batch

of earnings reports looked set to restart a rally that has led

Wall Street to record highs.

The benchmark S&P 500 index is eyeing its fifth straight

week of increases, while the tech-heavy Nasdaq is set to log six

weeks of gains.

China said on Thursday that it had agreed with the United

States to remove tariffs in phases, while the state-owned Xinhua

News Agency said Beijing was also considering removing

restrictions on poultry imports. Trade-sensitive industrials 3M Co MMM.N and Caterpillar

Inc CAT.N rose nearly 1% in premarket trading. Chipmakers with

sizeable exposure to China, including Intel Corp INTC.O ,

Micron Technology MU.O and Nvidia Corp NVDA.O , were up

between 1.7% and 2%.

Also supporting tech stocks was a 6.1% gain in Qualcomm Inc

shares QCOM.O after the chipmaker forecast current-quarter

profit above analysts' estimates. At 7:22 a.m. ET, Dow e-minis 1YMcv1 were up 131 points, or

0.48%. S&P 500 e-minis EScv1 were up 10.75 points, or 0.35%

and Nasdaq 100 e-minis NQcv1 were up 35.75 points, or 0.44%.

Expedia Group Inc EXPE.O dropped 13.2% as the online

travel booking company missed quarterly profit estimates.

Roku Inc ROKU.O plunged 14.5% after posting a wider net

loss in the third quarter, as it spent more to attract

subscribers to its video streaming platform. Twitter Inc TWTR.N fell 1.4% after Evercore ISI downgraded

the stock to "underperform" from "in-line".

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