Wall Street set to open higher as focus shifts to US-China trade talks
9 May 2025 17:23
(Reuters)US stock index futures pointed to a slightly higher open on Friday as investors assessed fresh comments from President Donald Trump regarding tariffs on China ahead of a key weekend meeting between the two countries.Futures had moved lower briefly after Trump said Beijing should open its market to the United States and that 80% tariffs on Chinese goods "seems right." The levies are currently at 145%.Representatives from the world's two biggest economies are scheduled to meet in Switzerland over the weekend to discuss tariffs, with investors hoping the talks will salve a bruising trade war that has raised concerns over global economic growth and left markets, companies and the US Federal Reserve in wait-and-watch mode.On Thursday, Wall Street's main indexes closed higher as investors cheered a trade deal struck between Britain and the US - the first of its kind since Trump paused his initial tariffs last month.Under the new agreement, Britain will lower its tariffs on US goods and provide greater import access, while the US-imposed 10% baselines tariffs will remain in place.However, the limited nature of the agreement brought up questions about its actual impact and usability as a template for deals with other countries.At 08:42 am ET, Dow E-minis were up 107 points, or 0.26%, S&P 500 E-minis were up 19.5 points, or 0.34%, and Nasdaq 100 E-minis were up 84.5 points, or 0.42%.The S&P 500 and the Nasdaq are set for marginal declines this week.Several policymakers are expected to deliver remarks, days after the Federal Reserve left interest rates unchanged.Governor Michael Barr said Trump's trade policies will likely lift inflation, lower growth, and raise unemployment later this year, leaving policymakers with a potentially tricky decision on which problem to fight.On the earnings front, about 75% of S&P 500 companies had surpassed profit expectations as of Wednesday. But many have withdrawn their annual forecasts citing an uncertain trade environment.Expedia slipped 9.7% in premarket trading after the online travel platform missed quarterly revenue estimates.
Trade Desk shares jumped 14.4% after the ad firm posted first-quarter revenue and profit above Wall Street estimates.
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