Stock futures bounce around as Wall Street weighs China-U.S. tariff rollback talk

U.S. stock-index futures were little changed Friday morning as enthusiasm for assets considered risky appeared to be replaced by a more cautious posture on Wall Street, with market participants assessing conflicting narratives on progress in Sino-American trade talks and reports of White-House infighting.

How are major benchmarks performing?

Futures for the Dow Jones Industrial Average YMZ19, +0.07%  were virtually unchanged at 27,667, those for the S&P 500 index ESZ19, +0.01% were off by 1.15 point at 3,084.75, while Nasdaq-100 futures NQZ19, -0.05% retreated 8 points, or 0.1%, at 8,222.50.

On Thursday, the Dow DJIA, +0.66%  rose 182.24 points, or 0.66%, to a record 27,674.80, while the S&P 500 index SPX, +0.27% gained 8.4 points, or 0.27%, to an all-time high of 3,085.18. The Nasdaq Composite Index COMP, +0.28% added 23.89 points, or 0.28%, to 8,434.52, its second-highest close in history, according to Dow Jones Market Data.

For the week, the Dow was set to gain 1.2%. while the S&P 500 and Nasdaq appeared poised to finish the five-session period 0.6% higher.

What drove the market?

Doubts about the U.S. agreeing to roll back some import duties in stages as a part of its partial pact with China are dulling the enthusiasm for equities that has taken all three stock indexes to fresh highs this week and driven Treasury yields to their highest levels, as prices fall, since the 2016 election, won by President Donald Trump.

Peter Navarro, a senior U.S. trade adviser, said late Thursday that there was no formal agreement in place and the final decision would lie with Trump, according to the Wall Street Journal.

On Thursday, the China’s Ministry of Commerce said that an agreement had been achieved to jointly eliminate some tariffs in stages as a part of the phase-one pact but optimism surrounding that news

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