S&P Futures Rise on Trade Deal Hopes
Stock futures rose Friday, with the S&P 500 just a whisker away from its all-time high, as hope for a U.S.-China trade deal grew and traders awaited fresh U.S. inflation data.
Futures for the Dow Jones Industrials jumped 122 points, or 0.3%, to 43,840.
Futures for the much broader index gained 17.5 points, or 0.3%, to 6,169.25
Futures for the NASDAQ hiked 86.5 points, or 0.4%, to 22,755.75.
Commerce Secretary Howard Lutnick told Bloomberg news that a framework between China and the U.S. on trade had been finalized. Lutnick added that the Trump administration expects to reach deals with 10 major trading partners imminently.
China’s Ministry of Commerce also said Friday that the two countries had confirmed a trade framework that would allow the export of rare earths to the U.S. and ease tech restrictions.
The S&P 500 is on the verge of completing a stunning comeback from the closing lows set in April. Markets were in turmoil during the spring as investors feared President Donald Trump’s tariffs would hurt corporate earnings and tip the economy into a recession.
However, the benchmark recovered and is up 23.3% since reaching a nadir on April 8. The index also sits just 0.1% below its all-time intraday high of 6,147.76.
Shares in Nike fell 2% in the pre-market. While Nike beat expectations on the top and bottom lines in the fiscal fourth quarter, the company said sales dropped 12% from the same period a year prior.
CorMedix stock tumbled 10% after announcing a common stock offering of $85 million. The offering is being done through RBC Capital Markets.
The May reading of personal consumption expenditures price index is due at 8:30 a.m. ET. Economists polled by Dow Jones expect the index to tick 0.1% higher on the month and 2.3% from a year ago. So-called core PCE is slated to rise 0.1% from April and 2.6% from 12 months earlier.
In Japan, the Nikkei 225 index surged 1.4% Friday, while in Hong Kong, the Hang Seng eased 0.2%
Oil prices edged higher 25 cents to $65.49 U.S. a barrel.
Gold prices tumbled $52.50 to $3,395.50 U.S. an ounce.
