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Stocks- U.S. Futures Attempt Recovery as Trade Tensions Lull

Published 20/06/2018, 11:48
Updated 20/06/2018, 11:53
© Reuters. U.S. futures pointed to a higher opening bell on Wednesday.

© Reuters. U.S. futures pointed to a higher opening bell on Wednesday.

Investing.com – U.S. futures were higher on Wednesday as trade tensions died down.

The S&P 500 futures were up 10 points or 0.36% to 2,776.25 as of 6:45 AM ET (10:45 GMT) while Dow futures increased 127 points or 0.51% to 24,842.0. Meanwhile tech heavy Nasdaq 100 futures rose 26 points or 0.36% to 7,278.25.

Trade tensions between the U.S. and China still remained on the back of investors minds, as the two largest economies in the world faced a tit-for-tat over trade tariffs.

Stocks tumbled on Tuesday after U.S. President Donald Trump threatened to impose tariffs on another $200 billion of Chinese goods if China refused “to change its practices,” he said.

Netflix (NASDAQ:NFLX) was among the top gainers in pre-market trading, rising 1.24% while Facebook (NASDAQ:FB) rose 0.51% and Tesla (NASDAQ:TSLA) gained 1.26%

General Electric (NYSE:GE) fell 3.32% amid news that it lost its spot in the Dow Jones Industrial Average and would be replaced by Walgreens Boots Alliance Inc (NASDAQ:WBA) on June 26. Starbucks (NASDAQ:SBUX) decreased 4.49% after it announced it was closing 150 stores in the U.S. due to slow sales growth.

In economic news, existing home sales are due at 10:00 AM ET (14:00 GMT). Investors will also be looking to comments from a handful of global central bankers at the ECB Forum on Central Banking in Sintra, Portugal. ECB President Mario Draghi, Federal Reserve Chair Jerome Powell and Bank of Japan (BoJ) Governor Haruhiko Kuroda are scheduled to speak on a panel at 9:30 AM ET (13:30 GMT).

In Europe stocks were up. Germany’s DAX rose 63 points or 0.50% while in France the CAC 40 increased 21 points or 0.40% and in London, the FTSE 100 was up 87 points or 1.16%. Meanwhile the pan-European Euro Stoxx 50 gained 19 points or 0.57% while Spain’s IBEX 35 jumped 104 points or 1.07%.

In commodities, gold futures were down 0.34% to $1,274.20 a troy ounce while crude oil futures rose 0.06% to $64.94 a barrel. The U.S. dollar index which measures the greenback against a basket of six major currencies, was up 0.20% to 94.84.

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