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%
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
(+) 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
(-) 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
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