U.S. stock index futures were higher Tuesday as market participants continue to monitor trade developments between the world's two largest economies.
At around 7:10 a.m. ET, Dow Jones Industrial Average futures rose 128 points, indicating a rise of 148 points at the open. Futures on the S&P 500 and Nasdaq 100 were also higher.
On Monday night, the U.S. government temporarily eased some trade restrictions imposed on China's Huawei Technologies last week. The move sought to minimize disruption for the telecom company's customers around the world.
The U.S. Commerce Department said it would allow Huawei to purchase American-made goods in order to maintain existing networks and provide software updates to existing Huawei handsets until Aug. 19.
Shares of chipmakers like Micron Technology, Qualcomm and Xilinx all rose more than 2%. Nvidia and Lam Research gained 1.5% and 1.8%, respectively.
The temporary easing of trade restrictions won some respite with market participants ahead of Tuesday's opening bell. However, an increasingly fraught atmosphere between Washington and Beijing has kept financial markets on edge, with investors abandoning any hopes of an early resolution to the protracted trade dispute.
The S&P 500 and Dow are both down more than 3% in May, while the Nasdaq had lost 4.9% through Monday's close. Among S&P 500 sectors, only real estate was up for the month.
On the data front, the Philadelphia Fed non-manufacturing survey for May is set to come out at around 8:30 a.m. ET, followed by existing home sales figures for April at around 10 a.m. ET.
https://www.cnbc.com/2019/05/21/stock-market-dow-in-focus-after-us-eases-huawei-trade-restrictions.html
2019-05-21 07:29:47Z
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