U.S. stock-index futures on Thursday rallied after American and Chinese officials declared a tentative resumption of tariff talks, viewed by Wall Street as a sign of progress in the yearlong trade conflict between the economic superpowers.
Later in the morning, investors will digest a slate of potentially market-moving data, notably, a pair of U.S. employment reports.
How are the major benchmarks performing?
Futures for the Dow Jones Industrial Average YMU19, +0.83% gained 260 points, or 1%, to 26,632, those for the S&P 500 ESU19, +0.78% advanced 27 points, or 0.9%, to reach 2,965.50, while Nasdaq-100 futures NQU19, +1.04% rose 96 points to reach 7,818.75, a gain of 1.2%.
On Wednesday, the Dow DJIA, +0.91% gained 237.45 points to close at 26,355.47, posting an increase of 0.9%, as the S&P 500 SPX, +1.08% added 31.51 points to end at 2,937.78, booking a 1.1% gain, and the Nasdaq Composite Index COMP, +1.30% advanced 102.72 points, or 1.3%, ending at 7,976.88.
What’s driving the market?
China’s Commerce Ministry in a statement said that Beijing and Washington had set a tentative date for “early October” after a conference call between Vice Premier Liu He and U.S. Trade Representative Robert Lighthizer, according to translated version of the text.
U.S. trade officials confirmed the talks and noted that both sides must hold discussions with lower-level officials to lay the groundwork for more serious negotiations to take place next month.
The communication between China and the U.S. comes after tariffs were raised by both sides over the weekend and another increase is set to take place in the coming weeks. The tariff dispute between the world’s two largest economies