Get 40% Off
📈 Free Gift Friday: Instantly Copy Legendary Investors' PortfoliosCopy for Free

US STOCKS-Wall St set to rise again on trade deal hopes

Published 05/12/2019, 15:10
Updated 05/12/2019, 15:18
© Reuters.  US STOCKS-Wall St set to rise again on trade deal hopes

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

type LIVE/ in a news window.)

* Major stock indexes set to rise for second day

* Dollar General gains after raising FY profit forecast

* Nike rises on reported Goldman Sachs upgrade

* Futures up: Dow 0.29%, S&P 500 0.26%, Nasdaq 0.36%

(Adds comments, updates market action)

By Shreyashi Sanyal

Dec 5 (Reuters) - U.S. stocks looked set to open higher on

Thursday on brighter hopes of a preliminary trade deal between

the United States and China.

Headlines around trade suggested the world's two largest

economies were closer to agreeing how many tariffs would be

rolled back in a "phase one" trade deal, while President Donald

Trump said talks with China were going "very well". Wall Street's main indexes snapped a three-day losing streak

in the previous session on growing expectations of a trade deal,

putting the benchmark S&P 500 .SPX index just 1% away from an

all-time high hit last week.

"There doesn't seem to be any increased negative talk about

China so I guess the absence of that is allowing markets to

drift higher," said Kim Forrest, chief investment officer at

Bokeh Capital Partners in Pittsburgh.

"In fact, it feels like both sides understand that reducing

some of the tariffs is what needs to happen."

However, if no agreement is reached soon, more tariffs on

Chinese goods will kick in from Dec. 15.

Shares of tariff-sensitive semiconductor companies looked

set to rise for the second straight day, with Micron Technology

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Inc MU.O , Advanced Micro Devices Inc AMD.O and Nvidia Corp

NVDA.O gaining about 1% each in premarket trading.

At 8:40 a.m. ET, Dow e-minis 1YMcv1 were up 79 points, or

0.29%. S&P 500 e-minis EScv1 were up 8 points, or 0.26% and

Nasdaq 100 e-minis NQcv1 were up 29.75 points, or 0.36%.

Investors also seemed to shrug off Wednesday's lackluster

readings on domestic services sector activity and private

payrolls growth as they await the Labor Department's non-farm

payrolls data due Friday. U.S. trade deficit dropped to its

lowest level in nearly 1-1/2 years in October, data showed on

Thursday. Among stocks, Dollar General Corp DG.N gained about 2.7%

after the discount store chain raised its full-year profit

forecast. Nike Inc NKE.N shares climbed 2% after a report said

Goldman Sachs upgraded the sportswear maker's stock to "buy"

from "neutral". Kroger Co KR.N dropped 2% as the supermarket chain

reported a 17% fall in quarterly profit.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.