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Stocks - U.S. Futures Rebound as China, U.S. Said to Agree to Cancel Some Tariffs

Investing.com

Investing.com - U.S. futures rebounded on Thursday, after the Chinese commerce ministry said Beijing and Washington have agreed to phase out tariffs imposed during their 16-month long trade war.

"The trade war started with tariffs, and should end with the cancellation of tariffs," ministry spokesman Gao Feng said at a news briefing. Cancelling tariffs is vital to the phase one trade agreement, which both sides have agreed to do as negotiation progress is made, he added.

The two sides are working toward signing a deal this month but have yet to decide on a location for U.S. President Donald Trump and Chinese President Xi Jinping to meet.

Nasdaq 100 futures were up 41 points or 0.5% by 6:40 AM ET (10:40 GMT), while Dow futures gained 148 points or 0.5% and S&P 500 futures rose 12 points or 0.4%.

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Nielsen Holdings (NYSE:NLSN) was in focus, after the media research company announced it plans to split into two independently public traded companies.

Qualcomm (NASDAQ:QCOM) gained 6.1% in premarket trade after its earnings came in better than expected during its fiscal fourth quarter, while DexCom (NASDAQ:DXCM) surged 19.2% after the glucose monitoring manufacturer raised its full-year outlook. Square (NYSE:SQ) inched up 1.4% after giving an upbeat earnings forecast for the current quarter.

Elsewhere, Roku (NASDAQ:ROKU) tumbled 13.8% despite beating on the top and bottom lines, reporting an increase in users and raising its full-year guidance. TripAdvisor (NASDAQ:TRIP) dropped 4.9% in after-hours trading after its earnings fell short of estimates, while Expedia (NASDAQ:EXPE) plunged 13.5% after reporting gross bookings came in shy of forecasts.

On the data front, weekly jobless claims numbers are released at 8:30 AM ET.

In commodities, gold futures fell 0.6% to $1,484.10 a troy ounce, while the U.S. dollar index, which measures the greenback against a basket of six major currencies, was down 0.1% to 97.703. Crude oil futures surged 1.3% to $57.09 a barrel.

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