Stocks- U.S. Futures Rise as Trade Tensions Remain in Focus
U.S. futures were higher on Monday as investors keep an eye on trade tensions between America and its major trading partners.
The S&P 500 futures rose 10 points or 0.36% to 2,885.0 as of 6:51 AM ET (10:51 GMT) while Dow futures gained 86 points, or 0.33%, to 26,045.0. Meanwhile tech heavy Nasdaq 100 futures surged 40 points, or 0.54%, to 7,478.50.
U.S. President Donald Trump warned on Friday that he would impose tariffs on $267 billion worth of Chinese imports, on top of an earlier promise of tariffs on $200 billion worth of Chinese goods.
China’s foreign ministry said on Monday that it would respond to any new steps on trade.
"If the U.S. side obstinately clings to its course and takes any new tariff measures against China, then the Chinese side will inevitably take countermeasures to resolutely protect our legitimate rights," Foreign Ministry spokesman Geng Shuang said.
Meanwhile U.S. officials are expected to meet with European Union officials in Brussels to discuss trade tariffs.
Tesla (NASDAQ:TSLA) was among the top gainers in premarket trading, rising 2.97% amid reports that it is starting “immediate deliveries” of its Model 3 on a first come, first served basis. Meanwhile Berkshire Hathaway (NYSE:BRKb) increased 0.21% while semiconductor Micron Technology Inc (NASDAQ:MU) jumped 1.09% and Netflix (NASDAQ:NFLX) gained 0.69%.
Elsewhere Chinese e-commerce giant Alibaba (NYSE:BABA) slumped 1.31% amid news that founder Jack Ma is stepping down.
In Europe stocks were up. Germany’s DAX rose 39 points or 0.33% while in France the CAC 40 was up 23 points or 0.44% and in London the FTSE 100 increased 19 points or 0.27%. Meanwhile the pan-European Euro Stoxx 50 gained 21 points or 0.65% while Spain’s IBEX 35 surged 86 points or 0.94%.
In commodities, gold futures fell 0.15% to $1,198.60 a troy ounce while crude oil futures rose 0.62% to $68.17 a barrel. The U.S. dollar index which measures the greenback against a basket of six major currencies, was down 0.09% to 95.29.