Stock futures rise as trade concerns take a back seat
U.S. stock index futures rose on Monday, drawing strength from healthy U.S. jobs data last week that helped investors look past rising trade tensions between the United States and China.
Chipmakers Micron (MU.O) and Advanced Micro Devices (AMD.O) rose more than 1.5 percent in premarket trading, as trade fears eased. A host of Chinese companies with listings on U.S. bourses — Alibaba (BABA.N), JD.com (JD.O) and Baidu (BIDU.O) also climbed.
The United States and China engaged in tit-for-tat tariffs on Friday, both countries imposing duties worth $34 billion on each others' goods. But the benchmark S&P 500 .SPX closed up 0.84 percent on Friday as analysts said the move was already priced in, but warned that further escalation could dent the appetite for stocks.
China’s securities regulator said on Sunday it plans to ease restrictions on foreign investment in stocks listed on the Shanghai or Shenzhen exchanges to attract more foreign capital and support the economy.
The sentiment was largely upbeat after Friday’s U.S. payrolls report showed tame wages and more people looking for work, boosting optimism that the Federal Reserve would stay on a path of gradual interest rate increases.
At 7:17 a.m. ET, Dow e-minis 1YMc1 were up 114 points, or 0.47 percent. S&P 500 e-minis ESc1 were up 11 points, or 0.4 percent and Nasdaq 100 e-minis NQc1 were up 29.25 points, or 0.4 percent.
All eyes will turn to second-quarter earnings reports, with banks JPMorgan Chase (JPM.N), Wells Fargo (WFC.N) and Citigroup (C.N) scheduled to report on Friday.
S&P 500 companies are expected to report 21 percent growth in earnings per share for the June quarter, according to Thomson Reuters I/B/E/S. But focus will be on any warnings companies might give about the impact of trade tariffs.
Tesla (TSLA.O) was up 0.8 percent after a report that the electric carmaker hiked prices of its Model X and S cars by over $20,000 in China due to tariffs.
Groupon shares (GRPN.O) jumped 13.1 percent after a Recode report that the daily deals website operator was looking for a buyer.
PayU said it agreed to acquire Israeli payment technology provider Zooz to support its expansion in high-growth markets.
BTVI’s Executive Editor Siddharth Zarabi, in an exclusive interview with Rajnish Kumar, Chairman at State Bank of India, talks about Indian macros and asks important questions about the Indian economy and public sector banks.
Lodha Developers has reported a 32% rise in its consolidated net profit at Rs 790 crore during the last fiscal on account of higher sales, especially in the affordable housing segment.
It rose by a similar margin against the dollar JPY=EBS 110.90 and against sterling at GBPJPY=EBS at 145.85 yen.
The station, which was named after Lord Elphinstone, the Governor of Bombay Presidency from 1853 to 1860, has now been renamed in honour of a local deity.
Lavasa -an ultimate getaway, a city that would offer the charms of European locales, with five star comforts in a scenic part of Maharashtra has now become an abandoned town.
A second chargesheet by the ED has confirmed the trail of illegal cash Mallya transferred to his accounts across global tax havens.
Delayed payment by GMR-led DIAL, the Delhi airport operator, to the CISF guards could eventually lead to passengers paying more to fly out of the Indian Capital.
The West Bengal Police has claimed to have busted a Rs 100 crore plus job racket in the Indian Railways following a crucial arrest in the Indian Capital.