U.S. stock futures were heading higher Wednesday morning, as China and the U.S. attempted to ease simmering tensions, a day before high-level trade takes are scheduled to commence.
Investors also will watch for minutes later this afternoon from the Fed’s policy gathering committee last month to gather clues on the outlook for interest rates.
How are benchmarks performing?
Futures for the Dow Jones Industrial Average YMZ19, +0.63% gained 202 points, or 0.8%, at 26,345, those for the S&P 500 index ESZ19, +0.74% gained 27 points to reach 2,920, rising 0.9%, while Nasdaq-100 futures NQZ19, +0.81% advanced 79 points, or more than 1%, at 7,700.
On Tuesday, the Dow DJIA, -1.19% retreated 313.98 points, or 1.2%, to 26,164.04, while the S&P 500 index SPX, -1.56% gave up 45.73 points, or 1.6%, to 2,893.06. The Nasdaq Composite Index COMP, -1.67% retreated 132.52 points, or 1.7%, to finish at 7,865.
What’s driving the stock market?
Equity markets scored a modest lift after a pair of reports infused some optimism in the trading atmosphere.
A report from Bloomberg News indicated that China was open to a limited tariff resolution with the U.S., while a separate report from the Financial Times (paywall) indicated that China has offered to increase by 50% purchases of agricultural products from U.S. farmers to $50 billion.
The reports come after, the U.S. State Department on Tuesday announced visa restrictions on Chinese government and Communist Party officials who are believed to be involved in abuse of Uighurs and other Muslim minority groups in Xinjiang, China. That announcement came after the U.S. blacklisted some 28 entities for the same alleged violations, prompting Beijing to reportedly consider rolling out its own visa restrictions on U.S. nationals, according to a Reuters.
A representative from China’s Ministry of Commerce said: “We strongly urge the U.S.