Stocks- U.S. Futures Increase as Focus Turns to U.S.-Canada Trade Talks

 

U.S. futures were higher on Tuesday as the U.S. and Canada are expected to resume talks over a trade deal.

The S&P 500 futures rose 2 points, or 0.09%, to 2,901.25 as of 6:50 AM ET (10:50 GMT) while Dow futures were up 22 points, or 0.08%, to 26,099.0. Meanwhile tech heavy Nasdaq 100 futures increased 14 points, or 0.18%,to 7,582.0.

All three indexes closed at record highs on Monday following news that the U.S. and Mexico reached a trade agreement which would replace the North American Free Trade Agreement (NAFTA) agreement. Canada has been excluded from the talks since July, but the three countries are aiming to close a deal by the end of August. U.S. President Donald Trump warned he could still put tariffs on Canadian autos if they refuse to agree to the new deal.

While second quarter earnings have winded down, retailers Best Buy Co Inc (NYSE:BBY) and Tiffany & Co (NYSE:TIF) are expected to post their earnings ahead of the opening bell.

Meanwhile Netflix (NASDAQ:NFLX) was among the top gainers in premarket trading, rising 0.69% while Intel (NASDAQ:INTC) inched up 0.27% and Advanced Micro Devices Inc (NASDAQ:AMD) gained 1.11%. Elsewhere Tesla (NASDAQ:TSLA) dipped 0.08% while Coca-Cola (NYSE:KO) fell 0.26%. In economic news, consumer confidence is released at 10:00 AM ET (14:00 GMT). The goods trade balance for July comes out at 8:30 AM ET (12:30 GMT).

In Europe stocks were mixed. Germany’s DAX rose 24 points or 0.19% while in France the CAC 40 increased 14 points or 0.26% and in London the FTSE 100 was up 26 points or 0.36%. Meanwhile the pan-European Euro Stoxx 50 fell a quarter of a point or 0.01% while Spain’s IBEX 35 was down 41 points or 0.43%.

In commodities, gold futures rose 0.35% to $1,220.30 a troy ounce while crude oilfutures increased 0.22% to $69.02 a barrel. The U.S. dollar index which measures the greenback against a basket of six major currencies, fell 0.13% to 94.55.

Source: Investing.com

 

 
Daniel PerkinsComment