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Dec 31, 2018

Before the Bell: Dow is set for triple-digit gains on hopes for US-China trade talks

Spriha Srivastava

U.S. stock index futures point to a higher open on Monday on growing optimism surrounding U.S.-China trade talks.

At around 6:30 a.m. ET, Dow futures implied a rise of more than 200 points at the open. Futures for Nasdaq and S&P also pointed to a higher open.
The market’s focus is largely attuned to the progress on the U.S.-China trade standoff after President Donald Trump said he had a “very good call” with Chinese President Xi Jinping on Saturday to discuss trade. The president also claimed that “big progress” was being made on this front. Trump’s statements sparked gains in markets worldwide.
Following the comments, however, The Wall Street Journal reported that Trump “may be overstating how close the two sides are to an agreement,” citing sources “familiar with the state of negotiations.”
Trump’s comments came after both Xi and he earlier this month agreed to a 90-day pause in tariff escalation.
However, market sentiment remained on edge after suggested that China’s manufacturing activity in December contracted even more than expected.
On the data front in the U.S., the Dallas Fed Manufacturing Survey is expected at 10:30 a.m. ET.
Watch: Jim Cramer weighs in on the market’s next move