Markets

Wall Street Sees Upbeat Open as US-China Near Trade Deal

US stocks were set for an upbeat session Monday amid reports the United States and China have ironed out a deal that would roll back US tariffs on at least $200 billion worth of Chinese goods while Beijing made similar pledges to eliminate retaliatory tariffs.

Oil prices nudged higher with global benchmark Brent crude up 1.18%, while US West Texas Intermediate crude futures prices were up 1.2% recently as the commodity benefited from supply cuts by major producers and developments on the US-China trade front.

At 10 am, data are expected to show construction spending inching 0.6% higher in December following a 0.8% gain in the previous month, according to data compiled by Econoday.

In equities, shares of BioPharmX ( BPMX ) were 36% higher pre-bell after the company completed enrollment in phase 2b trial of BPX-04 for patients with papulopustular rosacea.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial up 0.37%

-S&P 500 futures up 0.35%

-Nasdaq 100 futures up 0.54%

-Nasdaq 100 pre-market indicator up 0.42%

GLOBAL SENTIMENT

Nikkei up 1.02%

Hang Seng up 0.51%

Shanghai Composite up 1.12%

FTSE-100 up 0.64%

DAX-30 up 0.22%

PRE-MARKET SECTOR WATCH

(+) Large cap tech: unchanged to higher

(+) Chip stocks: unchanged to higher

(+) Software stocks: higher

(+) Hardware stocks: higher

(+) Internet stocks: higher

(+) Oil stocks: higher

(+) Biotech stocks: unchanged to higher

(+) Drug stocks: unchanged to higher

(+) Financial stocks: higher

(+/-) Retail stocks: mixed

(+) Industrial stocks: unchanged to higher

(+) Airlines: unchanged to higher

(+/-) Autos: mixed

UPSIDE MOVERS

(+) MDGS (+22.8%) Enters into MOU with Linkury to build a new e-commerce platform for cannabidiol-based products

(+) ASND (+65.9%) Says TransCon demonstrated superiority in trial

(+) NK (+24.2%) Signs license deal with ProMab Biotechnologies for next-generation targeted natural killer cell therapeutics

DOWNSIDE MOVERS

(-) SGYP (-26.9%) Gets court approval for the sale of assets to Bausch Health

(-) PLCE (-14.6%) Misses Q4 estimates

(-) SE (-7.3%) Starts offering of 50 million American depositary shares

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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