US stocks index futures pointed to a higher open for Wall Street on Friday, as investors took comfort from signals that the United States and China will resume trade talks.
Quoting statistics, on Thursday's market closure, Dow added 1.25 per cent to round off the day at 26,362.25, benchmark Standard & Poor 500 rose 1.27 per cent to 2,924.57, while splashing Wall Street further on Thursday (August 29th), Nasdaq posted a gain just a notch shy of 1.50 per cent to 7,973.39.
At 7:31 a.m. ET, the Dow e-minis were up 128 points, or 0.49%.
The yield on the 10-year U.S. Treasury climbed to 1.520% Thursday from 1.469% Wednesday, while the two-year Treasury yield rose to 1.532% from 1.504%.
US stocks lost steam in afternoon trading on Friday as investors moved to the sidelines ahead of a long Labor day weekend but the three major indexes were on course to wrap up the week with their biggest gains since June.
A published report noted that China's commerce ministry said it is discussing the next round of in-person trade negotiations with the U.S.to be held next month.
Ulta Beauty Inc (ULTA.O) tumbled 28.8%, to the bottom of the S&P 500, after the cosmetics company cut its full-year profit forecast. The 2-year Treasury yield rose to 1.53% from 1.55% the day before.
The rally was spurred by fresh hope among investors that new talks between the USA and China set for September can lead to progress in the nations' ongoing trade war.
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Thursday's gain for the S&P 500 marked its 11th move of at least 1% - higher or lower - in August, the most such moves since February 2018, according to Dow Jones Market Data. China's commerce ministry said both sides are discussing the next round of talks scheduled in September and hoped U.S. officials could cancel the planned additional tariffs to avoid an escalation.
Shares in Campbell Soup Company (NYSE:) rose to 52-week highs; up 3.90% or 1.69 to 45.00.
The Trump administration on Wednesday made official its additional 5% tariff on $300 billion in Chinese imports and set collection dates of September 1 and December 15, prompting several hundreds of United States companies to warn of price hikes.
Dell Technologies Inc jumped 9.7% as the PC maker beat analysts' estimates for profit, aided by higher demand for desktops as well as a focus on more profitable contracts within its server unit in China.
Investors are also bracing for a new round of US tariffs on some Chinese goods that would come into effect on Sunday.
The government reported that gross domestic product, the broadest gauge of economic health, advanced at a moderate 2% annual rate in the April-June quarter, down from a 3.1% gain in the first quarter.
USA financial markets were due to stay closed on Monday for the Labor Day holiday and a new round of US tariffs on some Chinese goods were expected to come into effect on Sunday.