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US stock futures inched higher on Friday after President Trump floated a cut to US tariffs on Chinese imports ahead of highly anticipated talks between the two countries this weekend.
Futures on the Dow Jones Industrial Average futures (YM=F) rose 0.1%. Contracts on the S&P 500 (ES=F) and the Nasdaq 100 (NQ=F) gained about 0.3%.
Markets are focused on the US-China trade talks in Geneva this weekend, following a rally in stocks on Thursday as Trump unveiled a US-UK trade deal. With speculation mounting on whether the US could soon cut sky-high tariff rates on China, Trump said an 80% rate for Chinese imports “seems right” in a post to Truth Social early Friday morning.
CBOT – Delayed Quote USD
As of 8:14:19 AM EDT. Market Open.
YM=F ES=F NQ=F
Read more: The latest on Trump’s tariffs
The president this week has maintained an optimistic tone about the talks with China, saying they would be “substantive.” “It’s coming down,” he said about the current 145% tariff on Chinese imports.
“You better go out and buy stock now,” Trump said on Thursday, pointing to the prospect of more trade negotiations as well as a tax bill making its way through Congress.
On the earnings front, Pinterest (PINS) stock surged as much as 12% in premarket trading. An upbeat quarterly revenue outlook bolstered hopes that ad spending on its social media platform will stay strong in the face of tariff risks to the economy. But Expedia (EXPE) slid in premarket trading after the online booking platform missed revenue estimates amid flagging US demand.
LIVE 6 updates
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Stock futures jump after Trump hints at China tariff reduction
Stock futures jumped premarket after President Trump posted on social media that he is considering slashing tariffs on Chinese imports ahead of the highly anticipated meeting between US and Chinese officials this weekend.
“80% Tariff on China seems right! Up to Scott B.,” Trump wrote on Truth Social.
S&P 500 futures (ES=F) were up 0.2%, while futures on the Nasdaq (NQ=F) and Dow Jones Industrial Average (YM=F) rose 0.3% and 0.1%, respectively. All three futures were negative or hovering at the flat line earlier in the morning.
Still, the moves higher were somewhat muted, suggesting that investors may still be somewhat wary about the outcome of the talks and see a long way to go for a resolution in the US-China trade tensions.
Read more about the latest tariff and trade deal updates here.
CME – Delayed Quote USD
As of 8:14:22 AM EDT. Market Open.
ES=F YM=F NQ=F
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Oil prices gain amid optimism on US-China trade talks
Oil prices are gaining to end the week on trade optimism after the US and UK announced they reached a trade agreement on Thursday and signs point to deescalation in the trade war with China.
Brent futures (BZ=F), the international benchmark, rose 1.8% to trade around $64 per barrel, while West Texas Intermediate futures (CL=F) gained 2% on Friday morning, trading around $61 per barrel.
Bloomberg reports:
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Pinterest stock jumps as ad spend stays strong amid tariffs
Pinterest’s (PINS) upbeat forecast for quarterly revenue calmed some worries about the prospects for ad spending as tariff risks weigh on the economic outlook.
The social media platform provider’s shares jumped 12% in premarket trading.
Reuters reported:
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Boeing is the first winner in new era of piecemeal trade deals
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Nvidia adapts H20 chip to sell to China under new export rules
Nvidia (NVDA) unveiled plans for a less-capable model of the H20 AI chips for use in China in response to the US an export restrictions on the most powerful chips made by American chip producers.
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Gold rises as US-UK trade deal is digested by markets
Gold (GC=F) has seen a modest climbed again in a volatile week, after seeing a 6% gain and fall in earlier sessions as a UK-US trade deal has bolstered markets.
Bloomberg reports:
