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Stocks - Futures Rise as Trump, Xi Agree on Trade Truce

Investing.com

Investing.com - U.S. futures were higher on Monday after U.S. President Donald Trump and Chinese President Xi Jinping agreed to restart trade talks after meeting at the G20 summit over the weekend.

Trump agreed to hold off on implementing new tariffs and to ease restrictions on Chinese tech giant Huawei, while China agreed to purchase unspecified farm products from the U.S.

Nasdaq 100 futures jumped 136 points or 1.8% by 6:40 AM ET (10:40 GMT), while Dow futures surged 282 points or 1.1% and S&P 500 futures was up 33 points or 1.2%.

Chipmaker companies were higher in premarket trade on hopes of being able to do business with Huawei. Micron (NASDAQ:MU) jumped 5%, while Advanced Micro Devices (NASDAQ:AMD) was up 4.9% and NVIDIA Corporation (NASDAQ:NVDA) gained 3.9%.

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Tesla (NASDAQ:TSLA) was up 2.9%, while Netflix (NASDAQ:NFLX) rose 2% and Facebook (NASDAQ:FB) inched up 1.7%. Apple (NASDAQ:AAPL) surged 3% and JMU Ltd (NASDAQ:JMU) jumped 12% even after the Chinese e-commerce food-service company reported a 58.9% decrease in 2018 revenue.

Elsewhere, Harmony Gold Mining (NYSE:HMY) fell 5.3% after it said it was investigating the death of a miner on Friday.

On the economic front, ISM manufacturing activity is out at 10:00 AM ET (14:00 GMT).

In commodities, crude oil gained 2.5% to $59.94 a barrel ahead of OPEC’s meeting in Vienna, while gold futures slipped 1.5% to $1,392.55 a troy ounce. The U.S. dollar index, which measures the greenback against a basket of six major currencies, gained 0.5% to 96.097.

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