US stock futures point to new highs
February 13, 2019 @ 11:05 UTC
U.S. stock futures indicated major indexes could be headed for fresh highs on Wednesday, after President Donald Trump said he may let a China trade-deal deadline slide if the two sides were making enough progress. Dow Jones Industrial Average futures rose 115 points, or 0.5%, to 25,521, while S&P 500 futures rose 10.95 points, or 0.5%, to 2,755.75. Nasdaq-100 futures climbed 41.75 points, or 0.6%, to 7,060.50.
Major indexes closed 2019 highs on Tuesday, with the Dow Jones Industrial Average climbing 372.65 points, or 1.5%, to 25,425.76, while the S&P 500 rose 1.3% to 2,744.73, finishing above its 200-day moving average for the first time in 46 days. That marked the S&P’s longest sojourn under the key trend line since March 2016, according to the Dow Jones Market Data Group. The Nasdaq Composite Index advanced 1.5% to 7,414.62. Providing fresh optimism for investors, President Trump said Tuesday that he would allow for flexibility on a the timeline for a deal with China if an agreement looks close. The White House had previously referred to March 2 as a “hard deadline” for an agreement. Meanwhile, Chinese President Xi Jinping is expected to meet key members of the U.S. delegation on Friday, sources told the South China Morning Post.
A third day of bilateral trade negotiations were under way in Beijing, with Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer expected Thursday for more high-level discussions. The White House had previously referred to a “hard deadline” for a deal as 12:01 a.m. Eastern time March 2 deadline. Trade-deal optimism and a strong session for Wall Street on Tuesday inspired gains across global markets. In Asia, the Nikkei 225 index jumped 1.3% and the Shanghai Composite rose nearly 2%. The Stoxx Europe 600 was poised for gains as European stock futures also climbed. Crude prices climbed over 1% after Saudi Arabia’s Energy Minister Khalid al-Falih told the Financial Times in an interview that the country would further reduce its oil production, to near 9.8 billion barrels a day in March. Gold rose, while the U.S. dollar slipped against its peers.
U.S. stock futures point to fresh highs for Wall Street on trade-deal optimism, MarketWatch, Feb 13