© Reuters. Traders work on the floor at the NYSE in New York

By Arjun Panchadar

(Reuters) – Wall Street’s main indexes were set to open higher on Monday as expectations of a U.S.-China trade truce were strengthened by a report that the two sides were nearing an agreement, while a raft of blockbuster deals also buoyed sentiment.

Beijing and Washington were “very close” to a “phase one” trade deal, Chinese state-backed tabloid Global Times said, lifting the mood further after U.S. national security adviser Robert O’Brien said on Saturday that a pact was still possible by the end of the year.

Trade-sensitive stocks, including Caterpillar Inc (N:), Micron Technology Inc (O:) and Applied Materials Inc (O:), rose between 0.6% and 1% in premarket trading.

“You have positive comments on trade, and you have Schwab buying TD Ameritrade which is going to be supportive to the overall market,” said Robert Pavlik, chief investment strategist and senior portfolio manager at SlateStone Wealth LLC in New York.

“I think it (Global Times report) speaks to the same thing. People are hopeful some type of agreement gets signed before the end of the year and we can move on to something further along on trade.”

The benchmark S&P 500 () last week snapped a six-week winning streak and the tech-heavy Nasdaq () registered its first weekly drop in eight weeks amid conflicting reports over a trade truce.

Trade deal hopes and robust third-quarter corporate earnings had helped Wall Street’s main indexes hit record highs this month.

At 8:40 a.m. ET, were up 70 points, or 0.25%. were up 8 points, or 0.26% and were up 30 points, or 0.36%.

Shares of Tesla Inc (O:) rose 3.6% premarket after Chief Executive Officer Elon Musk indicated in a tweet on Sunday that the carmaker received 200,000 orders for its electric pickup truck within three days of launch.

Tiffany & Co (N:) gained 5.6% after the luxury jeweler agreed to a sweetened $16.2 billion deal with France’s LVMH (PA:).

U.S. discount brokerage TD Ameritrade Holding Corp (O:) was up 2.2% after larger rival Charles Schwab Corp (N:) said it would buy the company in an all-stock deal valued at about $26 billion. Schwab was down about 2%.

Uber Technologies Inc (N:) fell 4.3% as the ride-hailing company was stripped of its London operating license for the second time in just over two years.

Netflix Inc (O:) slipped 1% after Wells Fargo (NYSE:) downgraded shares of the streaming service to “underperform” from “market perform”.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

2019-11-25