Dow futures rose over 100 points in premarket trading on Thursday, lifted by gains for auto makers such as Ford Motor Co., amid hopes that a solution could be at hand to ease tensions between the U.S. and at least one trading partner.
What are markets doing?
Dow Jose Industrial Average futures YMU8, +0.59% put on 131 points, or 0.6%, to 24,293, while S&P 500 futures ESU8, +0.59% moved up 15.20 points, or 0.6%, to 2,728.50. Nasdaq-100 futures NQU8, +0.64% added 41.75 points, or 0.6%, to 7,066.50.
Markets were closed Wednesday in observance of the Independence Day holiday. On Tuesday, the Dow DJIA, -0.54% closed down 132.36 points, or 0.5%, to 24,174.82, while the S&P 500 SPX, -0.49% ended 0.5% lower, led by financials and tech stocks. The Nasdaq Composite Index COMP, -0.86% dropped 0.9%.
What is driving the market?
Global trade tensions may have taken a positive turn on Thursday, with auto makers climbing after a U.S. official reportedly offered a “zero solution” to car tariffs. Such a deal would see the U.S. stop its threats to impose such duties in exchange for the European Union eliminating its levies.
A day earlier, reports said the EU may try to broker talks between big auto producing countries to prevent tariffs from being hiked in an all-out trade war.
But if there was hope on the European front, trade tensions remained elsewhere. On Friday, the U.S. plans to impose $34 billion worth of duties on Chinese products, and Beijing is expected to implement