THURSDAY – U.S. stock index futures erased earlier losses on Thursday after the European Central Bank announced a new round of stimulus to help banks in the region.
At 8:10 a.m. ET, Dow Jones Industrial Average futures were up 23 points after slipping nearly 100 points. S&P 500 and Nasdaq 100 futures were also up slightly.
The ECB said its new targeted longer-term refinancing operations (TLTRO-III) stimulus program will start in September and run through March 2021. TLTROs are loans provided by the ECB to European banks at a low rate, making it easier for them to lend money to consumers, which in turn can help stimulate the economy. This is the third stimulus injection from the ECB since 2014.
Wall Street ended Wednesday’s session lower, posting its third consecutive decline. Investors are eager to know details from trade negotiations between the U.S. and China.
As trade talks between the world’s largest economies continue, there’s fresh tensions regarding Huawei. The Chinese firm filled a lawsuit against the U.S. government, claiming the law which bans it from selling equipment to government agencies is unconstitutional.
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MONDAY – U.S. stock index futures rose on Monday on a report that U.S. and China are getting close to a trade deal.
This morning, the Dow Jones Industrial Average futures were up 65 points, indicating a gain of more than 70 points at the open. Futures on the S&P 500 and Nasdaq 100 were also slightly higher.
The Wall Street Journal reported that China had proposed to bring down duties on certain American goods in an attempt to strike a deal with the U.S. The same report suggested both countries are at the final stage of their negotiations, which could see the country’s leaders meeting at a special summit to sign a trade deal soon.
The Trump administration touted last week significant progress being made in U.S. negotiations with China. Treasury Secretary Steven Mnuchin told CNBC on Thursday the two sides were getting closer.
The back-and-forth on trade between the two countries has sent ripples through financial markets since last year, with investors fretting how tighter trade conditions could impact corporate profits.
On the economic front, there will be construction spending figures out at 10 a.m. ET.
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Stocks rose on Friday on the back of stronger-than-expected employment data. Investors also shrugged off concerns over an escalating trade war between the U.S. and China.
The Dow Jones Industrial Average jumped 99.74 points to 24,456.48, with Apple and Microsoft outperforming. The S&P 500 closed 0.8 percent higher at 2,759.82, with health care rising 1.5 percent. The Nasdaq composite climbed 1.3 percent to 7,688.39 as the iShares Nasdaq Biotechnology ETF (IBB) surged 3.8 percent. Facebook rose to an all-time high, also boosting the Nasdaq.
The U.S. economy added 213,000 jobs in June, while economists polled by Reuters expected a gain of 195,000.
WEDNESDAY – Stocks rose on Wednesday, boosted by dealmaking activity and potentially improving trade relations between the U.S. and the European Union.
The Nasdaq composite rose 1 percent and hit an all-time high, led by Facebook and Netflix, which also reached record levels. The S&P 500 gained 0.4 percent, with technology stocks outperforming.
The Dow Jones industrial average, meanwhile, rose 10 points as it tired to snap its longest losing streak since March 2017.
Disney raised its bid for Twenty-First Century Fox assets to $38 per share, or $71.3 billion, surpassing an offer made by rival and NBCUniversal parent Comcast. Last week, Comcast bid $65 billion in cash for Fox assets which include FX, Star TV and stakes in Sky.
The bid sent Fox shares higher by 7.3 percent.
Stocks fell on Tuesday as trade tensions between the U.S. and China intensified. The Dow led the way lower, sliding nearly 300 points and erasing its gains for 2018.
Small cap and penny stock index Russell 2000 also jumped higher Wednesday.