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U.S. stocks poised to rally as news of U.S.-China trade talks swirl

U.S. stocks on Friday appeared set to rise as investors kicked off trade in March, with early action colored by news that trade negotiations between Beijing and Washington may conclude as soon as two weeks.

Meanwhile, investors are awaiting key economic reports on manufacturing and inflation.
How are benchmarks faring?

Futures for the Dow Jones Industrial Average YMH9, +0.67% gained 181 points, or 0.7%, to reach 26,094, those for the S&P 500 index ESH9, +0.60% gained 17.55 points to 2,802.25, a rise of 0.6%. Nasdaq-100 futures NQH9, +0.70% advanced 52.50 points, or 0.7%, to 7,154.75.

On Thursday, the Dow DJIA, -0.27% fell 69.16 points, or 0.3%, to 25,916; the S&P 500 index SPX, -0.28% shed 7.89 points, or 0.3%, to 2,784.49; and the Nasdaq Composite Index COMP, -0.29% declined 21.98 points, or 0.3%, to 7,532.53.

All indexes rose for a second month in a row on Thursday, with the Dow rallying 3.7% in February, the S&P 500 up 3% and the Nasdaq gaining 3.4%.
What’s driving the market?

Global stocks to start March were gaining altitude with decisive catalysts, but with market participants pointing to fresh hope of a conclusion to Sino-American trade negotiations in the coming week or two, as among the factors that may be supporting buying.

According to Bloomberg News, U.S. officials were preparing for a summit between President Donald Trump and Chinese leader Xi Jinping where a 150-paged agreement could be signed. However, during a news conference to discuss an abrupt end to denuclearization talks between Trump and North Korea’s Kim Jong Un, the president emphasized his willingness to walk away if a favorable deal couldn’t be struck.

On Wednesday, Top trade negotiator, Robert Lighthizer, said that tariffs on $200 billion in Chinese goods set to increase to $25% from 10% at 12:01 a.m. March 2, wouldn’t go into effect.

Meanwhile, in the U.K. the opposition Labour Party has confirmed it would support a second referendum on membership of the European Union, while Prime Minister Theresa May has agreed to allow Parliament to delay Brexit, which many analysts say raises the chances that the nation’s withdrawal from the bloc will be put off past the March deadline.

On Thursday, data on U.S. gross domestic product showed that growth slowed to a pace of 2.6% in the fourth quarter. However, that figure was better than 1.9% expected by economists polled by MarketWatch economists. Investors have been debating the merits of the hotter-than-expected number against the backdrop of a trend of falling GDP from its mid-2018 peak at 4.2%.
What data are ahead?

A trove of data are expected at 8:30 a.m. Eastern Time, including the Federal Reserve’s preferred measure of inflation, personal-consumption expenditures, or PCE. An important report on manufacturing, with PMI manufacturing set for 9:45 a.m., according to Econoday. A reading on consumer sentiment is slated for 10 a.m.

www.marketwatch.com/story/us-stocks-poised-to-rally-to-as-news-of-us-china-trade-talks-swirl-2019-03-01?mod=mw_latestnews