U.S. stock futures rise after China's Xi says substantial progress made on trade talks

U.S. stock market futures reversed course and shot up into positive territory late Thursday after China’s Xinhua News Agency reported that President Xi Jinping said in a letter to President Donald Trump that substantial progress has been made in U.S.-China trade talks in the past month, and called for negotiations to end as soon as possible. Xinhua added that Vice Premier Liu He, who met with Trump on Thursday in Washington, said new consensus had been reached on the text of a trade agreement. Earlier in the day, Trump said of the talks: “We have a ways to go, but not very far,” predicting a “monumental” announcement in the coming weeks. After a slow start, Dow Jones Industrial Average futures YMM9, +0.10% S&P 500 ESM9, +0.16% futures and Nasdaq futures NQM9, +0.22% all jumped to positive territory Thursday night.

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