Futures Gain on Trump Trade Talk
Dow Jones Industrial Average futures were slightly higher after President Donald Trump endorsed cutting the tariff rate on China before weekend talks, but still leaving it a pretty severe level.
Futures for the 30-stock index increased 50 points, or 0.1% to 41,515.
Futures for the S&P 500 index gained 11.75 points, or 0.2%, to 5,696.75
Futures for the NASDAQ picked up 59 points, or 0.3%, to 20,207.
Week to date, the S&P 500 is on pace for a 0.4% decline, while the NASDAQ is on track to drop 0.3%. The Dow is toting a modest gain of 0.1%, heading for its third positive week in a row.
Tech shares led premarket gains with Tesla and Apple slightly in the green.
Trump has left a 145% tariff on China unchanged despite issuing a 90-day pause on higher rates for most countries last month. But there’s been speculation lately that the administration would lower the rate significantly to de-escalate negotiations and jumpstart talks.
Trump’s Truth Social suggests he’s willing to do this, but the new rate he suggests is still higher than many expected. Bloomberg News reported earlier that the rate could be lowered below 60% as soon as this week.
It was also unclear if the president is talking about a long-term tariff rate on China or a temporary one during negotiations.
In Japan, the Nikkei 225 index climbed 1.6% Friday, while in Hong Kong, the Hang Seng moved higher 0.4%.
Oil prices improved $1.21 to $61.12 U.S. a barrel.
Gold prices hiked $33.00 to $3,339.00 U.S. an ounce.
