Gold bars to be exempt from tariffs, White House clarifies
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* Stocks set to open higher for third straight session
* Trump says potentially open to interim trade deal with
China
* August retail sales rise 0.4% vs forecast of 0.2%
* Futures: Dow up 0.24%, S&P 500 up 0.13%, Nasdaq down 0.06%
(Adds comments, updates market movement)
By Uday Sampath Kumar
Sept 13 (Reuters) - U.S. stocks were set to open higher for
the third straight day on Friday on growing optimism around
trade talks between the United States and China as well as
stronger-than-expected domestic retail sales.
The S&P 500 .SPX closed on Thursday within striking
distance of a record high hit in July, as trade concessions from
Beijing and Washington helped stocks recover from a sluggish
start to the week.
If early indications hold, markets are set for their third
straight week of gains, having already recouped losses from
August when escalating trade tensions and the inversion of a key
part of the U.S. yield curve drove investors toward perceived
safe-haven assets.
U.S. President Donald Trump calmed markets on Thursday after
saying he was potentially open to an interim trade deal with
China, although he preferred a comprehensive agreement.
On Friday, China's official Xinhua News Agency said the
country would exempt some U.S. pork and soybeans from additional
tariffs on U.S. goods. "If you are hoping for a trade deal, the comments that
President Trump made are probably the best you could expect
right now," said Robert Pavlik, chief investment strategist and
senior portfolio manager at SlateStone Wealth LLC in New York.
However, Pavlik added that a trade deal - interim or
otherwise - was not likely to be signed before the 2020
presidential election.
The trade conflict has taken a toll on U.S. manufacturing
and tempered global growth, with the International Monetary Fund
forecasting that the tit-for-tat tariffs between the United
States and China could reduce global GDP in 2020 by 0.8%.
Investors are now expecting the U.S. Federal Reserve to cut
rates at its policy meeting next week for a decision on interest
rate cuts, especially after the European Central Bank announced
a sweeping stimulus drive on Thursday to prop up the euro zone
economy.
Commerce Department data showed that retail sales rose 0.4%
in August, lifted by spending on cars, building materials,
healthcare and hobbies. Economists polled by Reuters had
forecast an increase of 0.2%. At 9:04 a.m. ET, Dow e-minis 1YMcv1 were up 64 points, or
0.24%. S&P 500 e-minis EScv1 were up 4 points, or 0.13% and
Nasdaq 100 e-minis NQcv1 were down 5 points, or 0.06%.
After crossing the trillion dollar valuation mark on
Wednesday, Apple Inc AAPL.O was set to end the week on a sour
note after Goldman Sachs cut its price target on the stock.
Broadcom Inc AVGO.O slipped 1.1% after the company said
demand for microchips had bottomed out, adding that a recovery
was not yet on the cards.