Devdiscourse
Development News Edition
Give Feedback
write for Us

US stock index futures uplifted by fresh trade talks


Devdiscourse News Desk United States
Updated: 11-02-2019 18:20 IST
US stock index futures uplifted by fresh trade talks

The S&P 500 ended last week flat, largely due to the trade uncertainty and worries of a global economic slowdown.

U.S. stock index futures rose on Monday as the latest trade talks between the United States and China began in Beijing, while U.S. lawmakers attempted to hammer out a deal to avoid another government shutdown.

China struck an upbeat note on the talks and the Shanghai exchange rose 1 per cent after a week-long Lunar New Year holiday, but a U.S. Navy mission through the disputed South China Sea weighed on sentiment. The latest discussions come against the backdrop of last month's negotiations ending without a deal and the top U.S. negotiator declaring that a lot more work needed to be done.

The S&P 500 ended last week flat, largely due to the trade uncertainty and worries of a global economic slowdown. Still, the benchmark index is about 15 per cent above its December lows, helped in part by a dovish Federal Reserve and largely upbeat earnings reports.

The fourth-quarter earnings season has entered its home stretch, with 71.5 per cent of the S&P 500 companies that have reported results topping profit estimates, according to IBES data from Refinitiv. But analysts' estimates for first-quarter earnings for S&P companies have turned negative. They expect a decline of 0.1 per cent from a year earlier, which would be the first quarterly profit fall for the group since 2016.

Among a clutch of major U.S. companies reporting this week include Coca-Cola Co, PepsiCo Inc and Nvidia Corp. At 6:45 a.m. ET, Dow e-minis were up 64 points, or 0.26 per cent. S&P 500 e-minis was up 6.75 points, or 0.25 per cent and Nasdaq 100 e-minis were up 24 points, or 0.35 per cent.

Talks on border security funding collapsed on Sunday after Democratic and Republican lawmakers clashed over immigrant detention policy, but a special negotiating panel is aiming to come to a deal by Monday. Tesla Inc rose 2.7 per cent premarket after brokerage Canaccord Genuity upgraded the stock, calling its electric vehicle penetration "underappreciated".

Electronics Arts Inc gained 2.2 per cent after Jefferies raised its price target on the shares of the video-game publisher after it signed up 10 million players within three days of the launch of a new game.

(With inputs from agencies.)

COUNTRY : United States

POST A COMMENT