U.S. stock futures rose late Sunday as Wall Street expects a big week in terms of the U.S.-China trade war, corporate earnings and economic data.
President Donald Trump once again set the tone for the market after further softening his rhetoric on China in an interview with Fox News. Sunday morning futures.
“I am not looking to destroy China,” he declared, contrasting with his comments in August when he said he held “incredible cards” that would “destroy China” if he chose to use them.
Earlier this month, he announced 100% additional tariff and software restrictions on China, which has a stranglehold on the world’s supply of rare earths and has imposed tougher export controls that threaten a wide range of industries.
Last week, stocks rebounded sharply after Trump said “Don’t worry about China” and vowed everything would be fine. A similar pattern is happening again this weekend.
Futures contracts tied to the Dow Jones industrial average rose 54 points, or 0.12%. S&P 500 futures rose 0.15% and Nasdaq futures rose 0.20%.
The 10-year Treasury yield remained stable at 4.011%. The US dollar was down 0.06% against the euro and up 0.14% against the yen.
Gold rose 1% to $4,253.10 an ounce. U.S. oil futures were flat at $57.55 a barrel and Brent crude was virtually unchanged at $61.27.
Investors will get a new update on the trade war as Treasury Secretary Scott Bessent is scheduled to meet with Chinese Vice Premier He Lifeng this week to continue discussions ahead of a meeting between Trump and Xi Jinping later this month on the sidelines of a regional economic summit in South Korea.
Meanwhile, the third-quarter earnings season is gaining momentum after big banks reported explosive results, with the biggest tech companies on show.
On Tuesday, Netflix and Texas Instruments are expected. Tesla and IBM will report on Wednesday, while Intel is due on Thursday.
And despite the government shutdown, the Consumer Price Index report for September will be released Friday by the Labor Department after key personnel are recalled. The report will allow Social Security to make cost-of-living adjustments.
Economists expect a monthly increase of 0.4%, matching August’s pace, and an annual increase of 3.1%, up from 2.9% in August.
