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Stocks - Futures Surge as Mnuchin says U.S.-China Trade Deal ‘90% Complete’

Stock MarketsJun 26, 2019 06:46AM ET
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Investing.com - U.S. futures surged on Wednesday after Treasury Secretary Steve Mnuchin said the U.S.-China trade deal is "90% complete”.

His comments boosted hopes that U.S. President Donald Trump and Chinese President Xi Jinping will avoid escalating their dispute over trade and, ultimately, global economic power when they meet on Saturday on the sidelines of the G20 summit.

Tech-heavy Nasdaq 100 futures jumped 54 points or 0.7% by 6:44 AM ET (10:44 GMT), while Dow futures was up 110 points or 0.4% and S&P 500 futures gained 13 points or 0.5%.

Wall Street slumped on Tuesday after Federal Reserve Chair Jerome Powell and St. Louis Fed President James Bullard downplayed the chances of a large rate cut in July. Powell said the central bank will be patient on its approach to rate cuts, while Bullard pointed to a smaller rate cut than the 50 basis points that some had hoped for.

Semiconductor company Micron (NASDAQ:MU) jumped 9.9% after its earnings beat expectations and it said that it was still able to export certain products to China, despite the White House ban on American companies doing business with Huawei and other companies.

FedEx (NYSE:FDX) rose 1.2% after it reported better-than-expected earnings for the fiscal fourth-quarter, while Chinese giant Alibaba (NYSE:BABA) gained 1.8% and Facebook (NASDAQ:FB) was up 1%.

AbbVie (NYSE:ABBV) bounced back 2.1% after falling 16% on Tuesday on what was seen as an expensive acquisition offer for Botox-maker Allergan (NYSE:AGN).

Tesla (NASDAQ:TSLA) inched down 0.1% after yet another executive left the company.

On the economic front, durable goods orders are out at 8:30 AM ET (12:30 GMT).

In commodities, crude oil rose 1.6% to $58.76 a barrel, on course for its fourth rise in five days after signs that the summer driving season is finally eating into U.S. crude inventories. Gold futures slipped 0.6% to $1,410.85 a troy ounce, meanwhile, in reaction to the comments from Fed officials. The U.S. dollar index, which measures the greenback against a basket of six major currencies, inched up 0.1% to 95.732.

Stocks - Futures Surge as Mnuchin says U.S.-China Trade Deal ‘90% Complete’
 

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Bade Sahib
Bade Sahib Jun 26, 2019 11:02PM ET
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How come Micron and Intelare still selling stuff to huawei. I guess no cares about sanctions .Greedy corporations
Hank Williams
Hank Williams Jun 26, 2019 1:51PM ET
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It may as well be 99%.
Pwr Strk
Pwr Strk Jun 26, 2019 10:24AM ET
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The trick is not to mention whether 90% complete to fail or to succeed, like the previous two times. Wait, what?
Kenneth Gold
Kenneth Gold Jun 26, 2019 9:22AM ET
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wax on...wax off...wax on....wax off...Karate Kid: Art of the Deal.
Sonny Paine
Sonny Paine Jun 26, 2019 9:10AM ET
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What he's really saying..."Trump and company just closed out their short positions and are ready to go long after I release this statement." Bunch of crooks.
Steven Kemp
Steven Kemp Jun 26, 2019 9:10AM ET
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Remeber he sold all his stocks to avoid peole like you acusing him of manipulation. He doesnt own any stocks right now
Matthew NT
MatthewBT Jun 26, 2019 8:41AM ET
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Right... we've heard that before. Turned out to be false hope many times. Can we trust Trump & his team? With Trump's track record on being truthful?
Jun Man
Jun Man Jun 26, 2019 7:57AM ET
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On again off again...
Alex Mungwaath
Alex Mungwaath Jun 26, 2019 7:44AM ET
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If you got more informative news and data than share, why be so judgmental? Wipe that $ sign off your forehead or you won't make it to far. Stay quiet if you got nothing good and helpful to share.
Rami Daoudi
Rami Daoudi Jun 26, 2019 7:26AM ET
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Another random number thrown by an aimless administration.
Alex Mungwaath
Alex Mungwaath Jun 26, 2019 7:26AM ET
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If you got more informative news and data than share, why be so judgmental? Wipe that $ sign off your forehead or you won't make it to far. Stay quiet if you got nothing good and helpful to share.
Rod Vega
Rod Vega Jun 26, 2019 7:26AM ET
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More fake NEWS. China said WHAT!
Rami Daoudi
Rami Daoudi Jun 26, 2019 7:26AM ET
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Alex Mungwaath We've been getting this type of headlines since january. A deal was supposed to be signed by early may. What did we get instead ? Huawei ban + another round of tariffs. It's just getting increasingly hard to believe that any serious deal will be done soon.
Plain Facts
Plain Facts Jun 26, 2019 7:24AM ET
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Think investors are finally waking up and starting to take these comments as a grain of salt.  They bring them out when the market goes down too far for them and then make threats when they have a buffer in stock prices.
Jimmy Doan
Jimmy Doan Jun 26, 2019 7:24AM ET
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Pumps pumps, lies lies
Oil Boyle
Oil Boyle Jun 26, 2019 7:22AM ET
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wasnt it 100% complete before?
Taylor Jason
Taylor Jason Jun 26, 2019 7:17AM ET
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the 10% remaining is probably the portion about ending China subsidizing their SoE's and forced patent transfer which China wont budge on and trump wont sign for unless its included
Michael bostic
Michael bostic Jun 26, 2019 7:17AM ET
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trade deal 90 percent complete? we'll see
Atmosphere Mind
Atmosphere Mind Jun 26, 2019 7:16AM ET
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Who's responsible for the other 10%? *joytears
Taylor Jason
Taylor Jason Jun 26, 2019 7:11AM ET
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I'll believe the trade deal is complete once Trump and Xi sign a formal deal and shake on it. funny thing is that the Chinese media seems to say the opposite of what Mnuchin says.
Ryan CHEN
Ryan CHEN Jun 26, 2019 7:11AM ET
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check it on Google. 90% back in April, 95% in May, now back to 90%? lol
Maoz Raz
Maoz Raz Jun 26, 2019 7:07AM ET
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Green day is coming :)
 
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