WASHINGTON (dpa-AFX) - U.S. stocks look set to extend gains from the previous session on Tuesday following upbeat comments by U.S. Commerce Secretary Wilbur Ross on the trade front.
Futures for the Dow Jones Industrial Average climbed 70 points, while the Standard & Poor's 500 index futures were up 6.50 points and futures for the Nasdaq 100 index gained 23.50 points.
'We're making very good progress toward the completion of Phase 1 negotiations with the People's Republic of China,' Ross told reporters today in a phone briefing from Bangkok.
He said that the two sides can move toward a completion of Phase 1 deal and more complicated issues would not be tackled until later discussions.
Asian markets ended broadly higher today and European stocks held near four-year highs after the Financial Times reported that the U.S. is considering dropping tariffs on $112 billion of Chinese imports.
China's Foreign Ministry said that President Xi Jinping and U.S. President Donald Trump have been in continuous touch through 'various means'.
China's offshore yuan surged past 7 per dollar to four-month highs after the country's central bank cut the interest rate on its medium-term lending facility (MLF) for the first time since early 2016, in a bid to shore up liquidity amid slowing economic growth.
Investors shrugged off a private survey showing that China's services activity expanded at its slowest pace in eight months in October as new orders slowed and business confidence hit a 15-month low.
U.S. trading later today may be impacted by reaction to reports on the U.S. trade deficit and service sector activity, although any developments on the trade front are likely to steal the spotlight.
Dallas Federal Reserve Bank President Robert Kaplan and Minneapolis Federal Reserve Bank President Neel Kashkari are set to speak later in the day.
On the earnings front, Groupon reported weaker-than-expected earnings for its third quarter after the close of Monday's trading, while Uber fell short on several key metrics.
Hertz Global Holdings Inc. reported muted growth in quarterly sales and Marriott International Inc. reported a 23 percent drop in quarterly profit, while Prudential's Q3 adjusted earnings topped forecasts.
Arconic Inc. cut its full-year sales outlook after reporting a mixed set of results for the third quarter.
Gold prices struggled amid improved appetite for riskier assets while oil extended gains from the previous session.
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