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Aug 29, 2018

Before The Bell: Wall Street set to open higher as US-Canada trade talks resume I CNBC


Alexandra Gibbs


U.S. stock index futures posted gains ahead of Wednesday's open, as investors awaited news surrounding trade talks between the States, Mexico and Canada.
Around 6:00 a.m. ET, Dow futures rose 6 points, indicating a positive open of 24.98 points, with the S&P 500 and Nasdaq futures pointing to an upbeat start to the day.
General Motors (GM) CEO Dan Akerson, center, tours the floor of the New York Stock Exchange as GM stock goes on sale in New York, on November 18, 2010. Ramin Talaie | Corbis Historical | Getty Images
General Motors (GM) CEO Dan Akerson, center, tours the floor of the New York Stock Exchange as GM stock goes on sale in New York, on November 18, 2010.
Markets in Asia and Europe tried for gains Wednesday, as market participants kept abreast of news surrounding a trade agreement between the U.S. and other major economies.
On Monday, the States secured a new trade deal with Mexico, which would replace the current NAFTA agreement and last for 16 years. Canada re-joined talks with the two nations on Tuesday, with Foreign Minister Chrystia Freeland telling reporters that Mexico's "difficult" concessions to the States earlier this week would help lead the way for productive discussions between all the countries this week; according to Reuters.
On Tuesday, U.S. Treasury Secretary Steven Mnuchin told CNBC that he was optimistic on striking a deal with Canada, but added that the White House was ready to "go forward with Mexico" alone, if it isn't executed. The U.S. is hoping an agreement with Canada will be made before the week draws to a close.
More economic data are set to be published Wednesday. The key piece of information that is likely to keep markets on edge comes out at 8:30 a.m. ET — the second estimate of the second quarter's gross domestic product (GDP).
Elsewhere, mortgage applications are due out at 7 a.m. ET, while pending home sales figures due out at 10 a.m. ET.

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On the earnings front, Brown-Forman, American Eagle Outfitters, Chico's FAS, Dick's Sporting Goods, Salesforce.com, PVH and Guess are set to publish their latest financial figures.
No speeches by the U.S. Federal Reserve are due.