Gold prices steady ahead of Fed decision; weekly weakness noted
* Outlook on global growth stays rosy
* Advanced Micro Devices up as RBC raises price target
* Boeing eyes higher open amid CEO departure
* Futures up: Dow 0.09%, S&P 0.05%, Nasdaq 0.07%
(Updates price action)
By Manas Mishra
Dec 24 (Reuters) - U.S. stock indexes were set to trade near
record highs heading into the Christmas break on Tuesday, fueled
by optimism over improving trade relations between Washington
and Beijing.
All three major stock indexes closed at all-time highs on
Monday, continuing a record-setting spree. President Donald
Trump further fanned hopes of a trade truce over the weekend by
saying the two sides would sign a Phase 1 deal "very shortly."
Investors were wary at the beginning of the month about the
stock market mirroring a slump from December 2018, when trade
tensions between the world's top two economies escalated,
marking the worst December on Wall Street since the Great
Depression. But the much-awaited breakthrough in negotiations, coupled
with indications of a smoother exit for Britain from the
European Union, has sent financial markets across the world into
record territory this month. MKTS/GLOB
"This holiday period should be rather calm as trade updates
appear very constructive as we near the finalization of the
Phase 1 trade deal next month," Edward Moya, senior market
analyst at OANDA, wrote in a note.
The S&P 500 .SPX is up nearly 29% so far in 2019 and set
for its best year since 2013, also powered by three interest
rate cuts by the Federal Reserve and easing fears of a
recession.
At 8:45 a.m. ET, Dow e-minis 1YMcv1 were up 26 points, or
0.09%. S&P 500 e-minis EScv1 were up 1.5 points, or 0.05% and
Nasdaq 100 e-minis NQcv1 were up 6 points, or 0.07%.
Volumes are expected to be thin this week as traders settle
in for the holidays, with the main U.S. stock exchanges to close
at 1 p.m. ET on Tuesday and remain shut on Christmas Day.
Among the few individual movers premarket, Advanced Micro
Devices Inc AMD.O rose 1.5% after RBC Capital Markets raised
it price target on the chipmaker's shares on improving data
center demand. Boeing Co BA.N was indicated slightly higher, a day after
the beleaguered planemaker ousted Chief Executive Dennis
Muilenburg as it grapples with the crisis around its grounded
737 MAX jets.