Stocks - U.S. Futures Rise as Washington, Beijing Close in on Trade Deal

Investing.com - U.S. futures rose on Monday on reports that the U.S. and China are closing in on a trade deal.

Beijing-backed Global Times said that the two were “very close” to a deal, which added to optimism from China’s announcement over the weekend that it plans to improve protection for intellectual property rights. IP rights was one of the main sticking points in negotiations with the U.S.

U.S. national security adviser Robert O'Brien also said on Saturday a deal was possible by the end of the year.

The Nasdaq 100 rose 27 points or 0.3% by 6:40 AM ET (11:40 GMT), while Dow futures gained 66 points or 0.2% and S&P 500 futures inched up 6 points or 0.2%.

Tiffany & Co (NYSE:TIF) was among the top gainers in premarket trade, rising 5.9% after LVMH (OTC:LVMUY) said it had reached an agreement to buy the U.S. jeweler for $16.2 billion. Tesla Inc (NASDAQ:TSLA) rose 3.8% after Elon Musk tweeted that orders for its Cybertruck have reached 200,000 just three days after its launch.

TD Ameritrade (NASDAQ:AMTD) gained 2.4% after reports that shareholders will receive 1.0836 of The Charles Schwab Corporation (NYSE:SCHW) shares in a $26 billion all-stock deal.

Elsewhere, Uber Technologies (NYSE:UBER) slumped 5.4% after it was stripped of its London license for the second time in two years, as the city’s regulator said the ride-sharing company put passenger safety at risk.

On the data front, the Dallas Fed manufacturing index comes out at 10:30 AM ET, while Federal Reserve Chair Jerome Powell will speak at the Greater Providence Chamber of Commerce dinner late on Monday.

In commodities, gold futures fell 0.4% to $1,464.40 a troy ounce, while the U.S. dollar index, which measures the greenback against a basket of six major currencies, was flat at 98.205. Crude oil futures slipped 0.1% to $57.73 a barrel.

Related Articles

GE taps Maersk's Carolina Dybeck Happe as new CFO

'Unfit' Uber stripped of London license over safety failures

Britain's TSB to close 82 branches, slash costs in strategy overhaul