Nucor earnings beat by $0.08, revenue fell short of estimates
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* Trump to meet Chinese vice premier at 2:45 p.m. ET
* Chipmakers, Apple rise in premarket trading
* Oil majors mirror gains in crude prices
* Futures up: Dow 0.98%, S&P 500 0.99%, Nasdaq 1.10%
(Updates market action, adds comments)
By Shreyashi Sanyal
Oct 11 (Reuters) - Wall Street was set to rise for a third
straight session on Friday, as investors expected top-level
trade talks between the United States and China to result in a
partial trade deal and delay planned U.S. tariff increases.
The three main indexes ended the previous session higher
after gaining more than 1% in early trading on Thursday
following optimism that the two sides could cool off their row
before more U.S. tariffs kick in next week.
President Donald Trump said trade talks between the U.S. and
Chinese officials on Thursday went well, and is set to meet
Chinese Vice Premier Liu He at 2:45 p.m. ET. Analysts said equity markets have grown hungry for some sort
of breakthrough in the latest round of negotiations.
"Over the last couple of months, we have seen firms taking a
hit from the uncertainty around trade and markets will be
looking for any clues to remove that uncertainty," said Scott
Brown, chief economist at Raymond James in St. Petersburg,
Florida.
"It is still going to be a one step forward, two steps
backward tone with the talks, but there are hopes of a
de-escalation."
Companies with a sizeable exposure to China rose in
premarket trading. Apple Inc AAPL.O was up 1.2%, while
chipmakers Intel Corp INTC.O , Nvidia Corp NVDA.O and
Advanced Micro Devices Inc AMD.O gained about 1.5%.
Wedbush raised its price target on the shares of the iPhone
maker, citing optimism about the company's Apple TV+ video
streaming service. Oil majors Exxon Mobil Corp XOM.N and Chevron Corp CVX.N
rose 1% and 1.2% respectively, as a report of an attack on an
Iranian oil tanker lifted oil prices. O/R
Still, the S&P 500 and Dow Jones indexes were set for their
fourth straight weekly fall after taking a hit from the recently
announced weak economic data and irritants in the U.S.-China
trade war.
At 8:33 a.m. ET, Dow e-minis 1YMcv1 were up 260 points, or
0.98%. S&P 500 e-minis EScv1 were up 29 points, or 0.99% and
Nasdaq 100 e-minis NQcv1 were up 85.5 points, or 1.1%.
Focus now shifts to third-quarter earnings starting next
week as investors brace for the impact of the trade war on
Corporate America.
Analysts are expecting a 3.1% drop in S&P 500 earnings,
marking the first decline since 2016, according to IBES data
from Refinitiv.
Investors are also betting on a third interest rate cut by
the Federal Reserve by the end of the month to battle an
economic downturn in the world's largest economy.