As of 6:51 a.m. ET, Dow Jones Industrial Average futures were trading 5 points higher and pointed to an implied positive open of more than 50 points, while S&P 500 and Nasdaq 100 futures both looked set to open fractionally higher.
Comments from two of the world’s two largest economies on Monday suggested a potential rapprochement following an escalation of trade tensions over the weekend.
Following the Group of Seven (G-7) summit in Biarritz, France on Monday, President Donald Trump predicted a trade deal with China, citing economic pressure on Beijing, while China also called for a resolution to the ongoing dispute.
Stocks rallied on Trump’s comments. The Dow, S&P 500 and Nasdaq Composite all rose more than 1% as semiconductor stocks and Apple climbed.
However, Trump’s claims at the G-7 that China called top U.S. trade negotiators to reignite discussions has been called into question by Hu Xijin, editor-in-chief of the Global Times, who said in a tweet that negotiators from both countries did not talk over the phone. Hu’s tabloid is run by the People’s Daily, the official newspaper of China’s ruling Communist Party.
On the data front, S&P/Case-Shiller Home Price data is due at 2:00 p.m. ET.