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* Boeing gains on 737 MAX orders at Dubai Airshow
* Broadcom up after Morgan Stanley upgrade
* Home Depot, Kohl's drop on full-year forecast cuts
* Futures up: Dow 0.12%, S&P 0.20%, Nasdaq 0.36%
(Adds comment, updates market action)
By Arjun Panchadar
Nov 19 (Reuters) - Wall Street was set to hit another record
high at the open on Tuesday on continued optimism that
Washington and Beijing would agree on a deal to end a damaging
trade war that has posed one of the biggest risks to global
economic growth.
The fallout from the tit-for-tat tariff dispute over the
past 16 months has already led to a slowdown in China and shown
up in some economic indicators in the United States.
But U.S. stock markets have climbed steadily to new record
levels this month, shrugging off negative headlines on the trade
front.
On Monday, a temporary reprieve in sanctions on China's
Huawei Technologies Co Ltd by the Trump administration helped
ease concerns, which were earlier triggered by a report that
China was pessimistic about reaching a deal. "Markets remain convinced that we will see the 'phase-one'
trade deal finalized before the next major tariff increase
deadline of Dec. 15," said Edward Moya, senior market analyst at
OANDA in New York.
Trade-sensitive chip stocks, including Qualcomm Inc QCOM.O
and Lam Research Corp LRCX.O , gained about 0.8% in premarket
trading. Most U.S.-listed Chinese stocks also rose.
A largely better-than-expected corporate earnings season has
also fuelled a Wall Street rally over the past few weeks, with
the benchmark S&P 500 setting new records almost every day.
Nearly three-quarters of the 461 S&P 500 companies to report
results so far have topped profit estimates, according to
Refinitiv data. Although those numbers reflect significantly
lowered expectations.
Home improvement retailer Home Depot Inc HD.N fell 3.4%
after cutting its full-year sales forecast. Smaller rival Lowe's
Cos Inc LOW.N shares also dipped 1.6%. Kohl's Corp KSS.N dropped 13.2% as the department store
operator slashed its annual profit expectations, ahead of the
all-important holiday shopping season. Target Corp TGT.N and Lowe's are due to report results
later this week.
Also on the agenda this week are minutes from the Federal
Reserve's latest policy meeting, where it cut interest rates for
the third time this year, and data on U.S. manufacturing and
services sectors.
At 8:50 a.m. ET, Dow e-minis 1YMcv1 were up 34 points, or
0.12%. S&P 500 e-minis EScv1 were up 6.25 points, or 0.2% and
Nasdaq 100 e-minis NQcv1 were up 30 points, or 0.36%.
Among other stocks, Broadcom Inc AVGO.O rose 2% after
Morgan Stanley upgraded the chipmaker's stock to "overweight"
from "equal-weight". Boeing Co BA.N gained 1.1% as airlines announced plans to
order up to 50 of the planemaker's 737 MAX jets worth $6 billion
at list prices at the Dubai Airshow. But shares of AT&T Inc T.N slipped 1.7% after
MoffettNathanson downgraded the U.S. wireless carrier's stock to
"sell" from "neutral".