By Akanksha Rana
(Reuters) – US stock futures rose on Monday after US President Donald Trump moved to ease trade tensions with China, easing investor nerves after intense feuds between the two world's largest economies sent shares last week
The S&P 500 Index () registered its worst weekly loss on Friday after a sell-off at the end of May after both sides threatened to cut more tariffs on the other's and Trump's goods told the american comp to seek alternatives to doing business with China.
In a change in position, Trump said on Monday that Beijing had contacted Washington overnight to say it wanted to return to the negotiating table.
Shares of tariff-sensitive shares, including Apple Inc (O 🙂 and Boeing Co (N 🙂 rose more than 1
Chip makers, which rely heavily on China for their revenue, have also grown in early trade. Intel Corp (O :), Qualcomm Inc (O :), Advanced Micro Devices Inc (O 🙂 and Nvidia Corp (O 🙂 were up between 1.4% and 3%.
Concerns about the world economy plunging into recession and uncertainty about the rate of decline in interest rates in the United States have caused investors to wonder how far the longest US enlargement cycle can go. The S&P 500 closed about 6% of its record high on Friday.
However, a batch of strong retail revenue from those including Walmart Inc (N 🙂 and Target Corp (N 🙂 in the past week have boosted confidence in internal growth.
Data from the Commerce Department, due out at 08:30 ET (12:30 GMT), may indicate that general orders for durable goods increased by 1.2% in July, after an increase of 1.9% in June.
At 7:29 PM ET, they were up 200 points or 0.78%. The S&P 500 electronic mines increased by 17 points or 0.6% and by 62.75 points or 0.84%.
Among other stocks, Celgene Corp (O 🙂 rose 3.7% after Amgen Inc (O 🙂 said on Monday it would buy psoriasis medicine for the company Otezla, clearing the way for Bristol-Myers Squibb (N 🙂 to move forward with its $ 74 billion deal for Celgene. Bristol-Myers shares jumped 5.7%.
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