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.
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.
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.
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