NEW YORK, N.Y. – The stock index futures in the US are pointing to a slightly higher open for the trading session on Thursday.
Before the trading session opens, three major US futures are already edging upward with some modest gains, signaling a more optimistic trading session. The Dow Jones stock futures are already recording an increase of around 27 points, expecting to have a positive open with more than 20 points of gains. Nasdaq and S&P 500index futures are also trading slightly higher.
The focus of the market this week has been largely attuned to the developments in global trade. Previously, most of the market has dipped on negative trade headlines but is seen to be reclaiming its previous gains after media reports saying that two of the biggest economies in the world are still on the way to sign the preliminary phase of the trade deal.
A report said that people familiar and close to the trade talks between the US and China said that both sides are very close to securing and finalizing a phase one agreement to end the trade deal between both countries that has been going on for over a year. US President Donald Trump also made a statement on Wednesday saying that he believes that the trade talks among the officials from Washington and Beijing are well on track and is going very well.
Market players are closely watching on any updates on the developments of the trade deal, especially as the new tariff hike on Chinese imports that Washington is poised to enforce on December 15 is only over a week from now. The tariff increase for Chinese goods such as cellular phones and laptop computers is worth around $156 billion.
Since the start of 2018, the US and China have had misunderstandings on trade and have imposed tariff hikes on each other’s imports worth billions of dollars. The long-standing trade war between the two countries has soured the market and has kept investors on the edge of their seats most months this year.
As the week progress, the market also awaits some important economic reports. Among the companies set to publish their earnings before the US trading session opens are Tiffany, Dollar General, and Toronto-Dominion Bank.
Okta, DocuSign, and Crowdstrike are also scheduled to publish their latest quarterly numbers just after the market closes.
On data news, the international trade figures in October and the latest weekly jobless claims are also scheduled at around 8:30 a.m. E.T., with October’s factory orders report scheduled slightly later in the trading session.