US STOCKS-Futures attempt rebound after sharp sell-off in previous session

  • Reuters
  • Stock Market News
US STOCKS-Futures attempt rebound after sharp sell-off in previous session
Credit: © Reuters.

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* Futures up: Dow 0.67%, S&P 0.65%, Nasdaq 0.59%

By Shreyashi Sanyal

May 24 (Reuters) - U.S. stock index futures edged higher on Friday, attempting to bounce back from the previous session's steep sell-off, on cautious optimism after President Donald Trump predicted a swift end to the ongoing tariff war with China.

Trump said on Thursday that complaints against Huawei Technologies Co Ltd HWT.UL might be resolved within the framework of a U.S.-China trade deal. no high-level talks have been scheduled between the two countries since the last round of negotiations in Washington two weeks ago. Trump will meet his Chinese counterpart Xi Jinping at the G20 meeting next month in Japan. this week, while Washington temporarily relaxed its ban on Huawei, there were reports that it was planning a similar ban on another Chinese firm, making investors worry that such moves would have lasting effects on the global technology supply chain.

In the previous session, the S&P 500 technology .SPLRCT and industrials .SPLRCI sectors closed 1.5% lower.

Technology giants Apple Inc AAPL.O and Microsoft Corp MSFT.O rose about 1% in premarket trading, while industrial bellwethers Boeing (NYSE: BA ) Co BA.N and 3M (NYSE: MMM ) Co MMM.N gained over 1%.

Reuters reported the Federal Aviation Administration expects to approve Boeing's 737 MAX jet to return to service as soon as late June. 7:20 a.m. ET, Dow e-minis 1YMc1 were up 171 points, or 0.67%. S&P 500 e-minis ESc1 were up 18.25 points, or 0.65% and Nasdaq 100 e-minis NQc1 were up 43.25 points, or 0.59%.

The daily exchanges between the United States and China have kept investors on edge, putting the S&P 500 index .SPX on track to post its biggest monthly decline since the December sell-off.

Following a sell-off on Thursday, the S&P 500 is now 4.7% off its all-time high hit on May 1.

Among other stocks, Foot Locker (NYSE: FL ) Inc FL.N dropped 6.7% after the footwear retailer missed quarterly profit and same-store sales estimates.

Autodesk Inc ADSK.O fell 7.4% after the software maker reported quarterly earnings below expectations.

Total System Services Inc (NYSE: TSS ) TSS.N jumped 6.4% after Bloomberg reported Global Payments Inc GPN.N has held preliminary tie-up talks with the payment solutions provider. Global Payments' shares rose 1.4%. the macro front, a U.S. Commerce Department report is likely to show April durable goods declined 2%, after a 2.6% rise in March. The data is due at 8:30 a.m. ET.

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