- Nineteen prisoners use cutlery to break out of cells at Winchester prison
- France wants progress in Ukraine before Russia returns to G7
- Italy president begins talks to seek way out of government crisis
- Italian PM expected to resign as political chaos deepens
- Russia says US cruise missile test ‘regrettable’
- Kremlin - No date set for Normandy talks on Ukraine despite Macron meeting
- Egypt court hands out 6 death sentences on terror charges
- Putin says Russian nuclear explosion poses no threat
- Russian panel eyes alleged foreign interference in protests
- Gran Canaria wildfire triggers evacuation of thousands of people
- PM Johnson calls on Germany and France to compromise on Brexit
- Sudan's ex-president Bashir arrives at corruption trial
TEHRAN, Mar 04 - Wall Street was set to open higher on Monday amid rising hopes that the United States and China would reach a trade deal as early as this month.
TEHRAN, Young Journalists Club (YJC) -The latest driving force for the optimism was a report over the weekend that said U.S. President Donald Trump and his Chinese counterpart Xi Jinping could sign a formal trade pact at a summit around March 27.
The two countries appear close to an agreement that would roll back U.S. tariffs on at least $200 billion worth of Chinese goods, as Beijing makes pledges on structural economic changes and eliminates retaliatory tariffs, a source briefed on the deal talks told Reuters.
Tariff-sensitive names including Boeing Co and Caterpillar gained 0.7 percent and 0.9 percent each, while chip stocks, such as Intel Corp, Advanced Micro Devices Inc and Micron Technology Inc, rose between 1.1 percent and 1.4 percent.
The heavyweight FAANG group of stocks - Facebook Inc, Amazon.com Inc, Apple Inc, Netflix Inc and Alphabet Inc - advanced between 0.4 and 0.9 percent.
“Futures are modestly higher on the notion that there is some deal to be had with China and the U.S. The market is not celebrating yet because the deal isn’t revealed,” said Kim Forrest, senior portfolio manager at Fort Pitt Capital Group in Pittsburgh, Pennsylvania.
“Investors are now looking at areas that would benefit, like technology, because there has probably been some sales in that area that has been put off.”
Optimism on trade along with the dovish stance of the Federal Reserve has spurred a strong run in stocks, with the benchmark S&P 500 up 11.8 percent this year and about 4.5 percent away from its Sept.20 record closing high.
Source:Reuters
Your Comment