TUESDAY – Stocks were set to open higher on Tuesday, following a record close in the previous session, as investors grew more bullish on a potential U.S.-China trade deal as both sides consider more rollbacks on tariffs.
Futures on the Dow Jones Industrial Average rose 70 points and indicated a positive open of more than 58 points, while futures on the S&P 500 and Nasdaq Composite were also higher. Major averages are on track for a third straight positive session.
China is pushing President Donald Trump to remove more tariffs on about $125 billion worth of Chinese goods imposed in September as part of the “phase one” trade deal, Reuters reported Monday evening. A U.S. official told Reuters the fate of the Dec. 15 tariffs is being considered as part of negotiations.
Strong earnings, more promising economic data and optimism over a resolution on trade with China drove the Dow to all-time highs on Monday, following the S&P 500 and Nasdaq’s new records last week.
The Dow’s year-to-date gain now stands at around 18%, while the S&P 500 is up more than 22% and the Nasdaq more than 27% so far this year.
Traders will also have eyes on a raft of economic data Tuesday morning. September balance of trade, import and export figures are due for release at 9:30 a.m. ET before November Redbook data at 9:55 a.m. ET.
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