Stock Futures Rise on Trade Deal Relief; Business Activity Data Awaited

(Reuters) - U.S. stock index futures rose on Tuesday after President Donald Trump reassured investors the trade agreement with China was intact, while upbeat business activity data from Europe boded well for U.S. surveys due later.

"The China Trade Deal is fully intact," Trump tweeted late on Monday after White House adviser Peter Navarro sparked confusion by saying the deal was over, roiling risk assets globally and sending S&P stock futures down as much as 1.7%.

Monetary and fiscal support worth trillions of dollars, businesses restarting and encouraging economic data have pushed the benchmark S&P 500 about 42% higher from its pandemic low hit in March. It is now just about 8% below its Feb. 19 record high.

A boost from technology stocks helped Wall Street's three major indexes close higher in the previous session with the tech-heavy Nasdaq registering its fourth record closing high this month.

After European stock markets were boosted by better-than-feared business activity surveys for June, all eyes will be on U.S. manufacturing and services sector PMI numbers, due 9:45 a.m. ET (1345 GMT).

At 6:32 a.m. ET, Dow e-minis were up 225 points, or 0.87%. S&P 500 e-minis were up 24.25 points, or 0.78% and Nasdaq 100 e-minis were up 65.5 points, or 0.65%.

In company news, Translate Bio soared 73% in premarket trading on plans to expand a vaccine collaboration with Sanofi in a deal that could earn the U.S. biotech company more than $2 billion from the French drugmaker.

Boeing Co's top supplier Spirit AeroSystems Holdings slipped 4.8% as it said it was seeking relief from lenders as its finances were stretched by the COVID-19 pandemic and a 737 MAX production halt.

 

Source: https://money.usnews.com/investing/news/articles/2020-06-23/stock-futures-rise-on-trade-deal-relief-business-activity-data-awaited

 

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