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Stocks - Futures Rise as China Confirms Trump-Xi Meeting

Investing.com

Investing.com - U.S. futures rallied on Monday as China confirmed that President Xi Jinping will meet with U.S. President Donald Trump on the sidelines of the G20 summit at the end of the week.

The confirmation increased hopes that the two largest economies in the world can contain the negative fallout from their ongoing trade dispute, which appears to be broadening into a struggle for overall primacy in the world economy. Trade negotiations have been underway in anticipation of the meeting, Chinese Vice Commerce Minister Wang Shouwen said.

Tech-heavy Nasdaq 100 futures jumped 23 points or 0.3% by 6:56 AM ET (10:56 GMT), while Dow futures rose 57 points or 0.2% and S&P 500 futures inched up 7 points or 0.2%.

Oil stocks were in focus, with crude oil gaining 0.8% to $57.86 a barrel as tensions with Iran heated up. U.S. Secretary of State Mike Pompeo warned that “significant” sanctions would be announced on Monday and added that he wants to build a “global coalition” to deal with the threat he says is posed by Iran.

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Trump ordered, but subsequently called off, a military strike last week in response to Iran shooting down an unmanned U.S. drone.

Caesars Entertainment (NASDAQ:CZR) surged 16% in premarket trade after casino operator Eldorado Resorts (NASDAQ:ERI) agreed to merge with it in a cash and stock deal that valued Caesars at about $17.3 billion including debt. Eldorado fell 6%.

Meanwhile Facebook (NASDAQ:FB) gained 0.5%, while Microsoft (NASDAQ:MSFT) was up 0.5%.

Palatin (NYSE:PTN) surged 50% and AMAG Pharmaceuticals (NASDAQ:AMAG) rose 14.3% after the U.S. Federal Drug Administration approved a Vyleesi treatment for low libido in women.

In other commodities, gold futures gained 0.8% to $1,411.05 a troy ounce, hitting while the U.S. dollar index, which measures the greenback against a basket of six major currencies, fell 0.2% to 95.558.

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