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US STOCKS-Wall St set to post small gains at open as investors eye G20 summit

Published 06/27/2019, 09:13 PM
Updated 06/27/2019, 09:20 PM
US STOCKS-Wall St set to post small gains at open as investors eye G20 summit

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* Xi to present Trump with terms for settling trade fight
* U.S., China agree tentative trade truce - SCMP
* Boeing falls as FAA cites new flaw on 737 MAX
* Walgreens rises on profit beat
* Futures: Dow flat, S&P up 0.27%, Nasdaq up 0.51%

(Updates prices, adds comments)
By Shreyashi Sanyal
June 27 (Reuters) - U.S. stocks were set to open slightly
higher on Thursday, as investors stayed away from making big
bets amid conflicting reports on trade talks between the United
States and China at the upcoming G20 summit.
The South China Morning Post reported that the United States
and China were laying out an agreement that would help avert the
next round of tariffs on an additional $300 billion of Chinese
imports. "The trade truce is what the market needs right now," said
Art Hogan, chief market strategist at National Securities in New
"The message is that they're not going to escalate further
from here on and we're now in neutral territory. What investors
are hoping for now is that the meeting diffuses some of the
However, a Wall Street Journal report that Chinese President
Xi Jinping planned to present President Donald Trump with a set
of terms Washington should meet before Beijing is ready to
settle their trade dispute tempered optimism. Semiconductor companies, which have a sizable revenue
exposure to China, were trading higher, with Advanced Micro
Devices Inc AMD.O , Nvidia Corp NVDA.O and Intel Corp
INTC.O up between 0.2% and 1.8%.
Boeing Co BA.N fell 3.1% and was the biggest decliner
among the 26 Dow components trading premarket, after Reuters
reported that the U.S. Federal Aviation Administration
identified a new flaw in the planemaker's grounded 737 MAX jets.
At 8:53 a.m. ET, Dow e-minis 1YMcv1 were up 1 points, or
0%. S&P 500 e-minis EScv1 were up 8 points, or 0.27% and
Nasdaq 100 e-minis NQcv1 were up 39 points, or 0.51%.
Investors are hoping for a resolution of the trade war,
which has rattled investors who have ditched shares for the
safety of bonds and gold this year and pushed the Federal
Reserve to signal an interest rate cut as soon as next month.
Among other stocks, Walgreens Boots Alliance Inc WBA.O
gained 4.6% after the drugstore chain beat analysts'
expectations for quarterly profit.
Ford Motor Co F.N rose 1.2% after the carmaker said it
will have cut 12,000 jobs in Europe by the end of next year to
try to return the business to profit.
Conagra Brands Inc CAG.N tumbled 6.7% after the packaged
food company's quarterly sales and profit fell short of
analysts' estimates.
Data showed, U.S. economic growth accelerated in the first
quarter, but the export and inventory boost to activity masked
weakness in domestic demand, some of which appears to have
prevailed in the current quarter.

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