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* Shares of Apple, Boeing (NYSE:BA) up on China comments
* Best Buy falls as FY same-store sales forecast disappoints
* U.S. dollar stores see less impact from tariffs, shares
* Futures up: Dow 1.03%, S&P 0.96%, Nasdaq 1.18%
(Adds comments, details; Updates prices)
By Akanksha Rana
Aug 29 (Reuters) - Wall Street was set to open sharply
higher on Thursday, as China sounded hopeful of a resolution to
the long-standing trade dispute with the United states, easing
investor fears of the risk of a recession.
China's commerce ministry said both sides are discussing the
next round of talks scheduled in September and hoped U.S.
officials could cancel the planned additional tariffs to avoid
an escalation, boosting sentiment and driving global stocks
higher. MKTS/GLOB
Trade-sensitive stocks such as Apple Inc AAPL.O and Boeing
Co BA.N rose more than 1.2% in premarket trading.
Chipmakers, which draw a large part of their revenue from
China also gained, with Intel Corp INTC.O , Qualcomm Inc
QCOM.O , Advanced Micro Devices Inc AMD.O and Nvidia Corp
NVDA.O up between 1% and 2.4%.
"We are seeing a bit of a softer tone that's giving
investors hope," said Peter Cardillo, chief market economist at
Spartan Capital Securities in New York.
"Perhaps the September talks might bring some fruitful
conclusions and some progress that could result in lowering
tariffs or getting serious about concluding a trade deal."
Top gainers among S&P 500 .SPX stocks were Dollar General (NYSE:DG)
Corp DG.N , up 7.9%, and Dollar Tree Inc DLTR.O , up 4.7%, as
both companies raised their full-year forecasts. At 8:39 a.m. ET, Dow e-minis 1YMcv1 were up 268 points, or
1.03%. S&P 500 e-minis EScv1 were up 27.75 points, or 0.96%
and Nasdaq 100 e-minis NQcv1 were up 89.75 points, or 1.18%.
The Trump administration on Wednesday made official its
additional 5% tariff on $300 billion in Chinese imports and set
collection dates of Sept. 1 and Dec. 15, prompting several
hundreds of U.S. companies to warn of price hikes. A number of companies, including Best Buy Co Inc (NYSE:BBY) BBY.N and
Abercrombie & Fitch Co ANF.N , that reported results earlier
in the day warned of the impact from tariffs on their sales.
Shares of the U.S. consumer electronics retailer fell 6.3%,
while those of the teen retailer were down 10.4%. Wall Street's main indexes are on course to record their
worst monthly performance since a selloff in May, spurred by
worries that tit-for-tat tariffs will drive the global economy
into a recession.
Those fears came to the fore after the U.S. yield curve
inversion deepened earlier this week to levels not seen since
2007. US/