US Futures Show Modest Gains on Easing Trade War

us futures

US futures appeared higher on Wednesday as trade tensions that sent them rolling down during the previous day eased up a bit.

The S&P 500 futures perked up 10 points or 0.36 percent to 2,776.25. Meanwhile, Dow futures gained 127 points, or 0.51 percent, to 24,842.0. The tech-heavy Nasdaq 100 futures jumped 26 points, or 0.36 percent to 7,278.25.

Trade frictions between the United States and China still kept investors on edge while the world’s first and second largest economies continue to face each other on a tit-for-tat battle over trade import duties and steep tariffs.

Stocks have slumped on Tuesday after US President Donald Trump threatened to slap steeper tariffs on another $200 billion worth of Chinese goods if China still didn’t “change its practice.”

Netflix ranked as one of the best gainers during the pre-market trading, increasing 1.24 percent. Social media giant Facebook jumped 0.51 percent, while automaker Tesla swelled 1.26 percent.

General Electric lost 3.32 percent in the midst of news that it has already lost its spot in the Dow Jones Industrial Average. Reports have it that it would be replaced by Walgreens Boots Alliance Inc June 26. Coffeemaker Starbucks dropped 4.49 percent following an announcement that it was closing 150 stores in the United States because of sluggish sales growth.

In China, stocks closed higher, with gains in the Real Estate Investments & Services, Software & Computer Services, and Media sectors leading the upward trajectory of the shares.

At the close in Shanghai, the Shanghai Composite increased 0.31 percent, while the SZSE Component index gained 0.92 percent.

On the Shanghai Composite session, Xining Special Steel Co Ltd was the leading gainer, increasing 10.11 percent or 0.460 points, trading at 5.010 at the close. Hefel Metalforming Intelligent Manufacturing Co Ltd gained 10.08 percent or 0.51 points, ending at 5.57. Hangzhou Youngsun Intelligent Equipment Co Ltd soared 10.06 percent or 0.80 points to 8.75 during the late trade.

On the SZSE Component session, the top performer was Beijing Shougang Co Ltd, skyrocketing 10.10 percent to 4.360. Shenzhen Minkave Technology Co Ltd soared 10.02 percent, settling at 21.19. Hangzhou Tigermed Consulting increased 10.00 percent, closing at 63.47.

Meanwhile, there were more advancing stocks than retreating ones on the Shanghai Stock Exchange by 1011 to 348, while 2 remained unchanged.

The CBOE China Etf Volatility, which gauges the implied volatility of Shanghai Composite options, perked up 12.46 percent to 20.94.

In Europe, shares began the session wider, though the decent recovery did not manage to pare the previous session’s losses while investor fears over the simmering US-China trade war.

The pan-European STOXX 600 gained 0.6 percent as gains were spread across various European bourses and sectors.

Germany’s DAX gained 63 points, or 0.50 percent. France’s CAC 40 jumped 21 points or 0.40 percent. In London, FTSE 100 swelled 87 points or 1.16 percent. Spain’s IBEX 35 rose 104 points or 1.7 percent.

In commodities , gold futures were down 0.34 percent to $1,274.20 per troy ounce. Crude oil futures gained 0.06 percent to $64.94 per barrel. The US dollar index, which gauges the greenback’s strength against six other currencies, was 0.20 percent higher to 94.84.

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