US STOCKS-Futures gain as initial U.S.-China trade deal cools tensions; Boeing dips

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* Nasdaq futures hit record high
* Boeing down on 737 MAX production concerns
* IFF slips on merger with DuPont unit
* Futures up: Dow 0.16%, S&P 0.39%, Nasdaq 0.43%

By Uday Sampath Kumar
Dec 16 (Reuters) - U.S. stock index futures rose on Monday
as the top U.S. trade negotiator said a deal would nearly double
exports to Beijing over the next two years, but Boeing was set
to cap gains for the S&P 500 and Dow on production concerns
about its grounded jet.
Boeing Co BA.N , which normally benefits from trade talk
progress, fell 3.2% premarket. The planemaker is considering
whether to cut or halt production of its grounded 737 MAX
airliner, Reuters reported. All three major stock indexes hit record highs on Friday
after the world's top two economies announced a much-awaited
"phase one" agreement, but ended largely flat as investors
looked for clarity on the actual text of the pact. On Sunday, U.S. Trade Representative Robert Lighthizer said
there would be some routine "scrubs" to the text, but that it
was "totally done", adding that the date to formally sign the
agreement was being determined. The preliminary deal suspended U.S. tariffs on $160 billion
worth of Chinese imports scheduled to take effect on Dec. 15,
and reduced some duties in exchange for increased purchases of
U.S. agricultural, manufactured and energy products by Beijing.
Nasdaq futures hit an all-time high earlier on Monday, while
S&P 500 futures hovered near record levels. The benchmark index
is on track for its best annual performance since 2013, boosted
in part by three interest rate cuts by the Federal Reserve and
encouraging economic data.
At 7:15 a.m. ET, Dow e-minis 1YMcv1 were up 44 points, or
0.16%. S&P 500 e-minis EScv1 were up 12.25 points, or 0.39%
and Nasdaq 100 e-minis NQcv1 were up 36.75 points, or 0.43%.
Shares of International Flavors & Fragrances Inc IFF.N
fell 6.1% after it said it would merge with DuPont Inc's DD.N
$26.2 billion nutrition & biosciences unit. DuPont's shares rose
4.5%. Micron Technology Inc MU.O rose 2.8% and was the biggest
gainer among chipmakers after Susquehanna raised its rating on
the stock.
Investor attention now turns to Markit PMI surveys for the
manufacturing and services sectors for December, due at 9:45
a.m. ET.