FOX Business’ Blake Burman provides logistics on a possible U.S.-China trade deal and discusses individuals who are expected to testify on Ukraine in Congress next week.
U.S. stocks climbed to record highs on Thursday morning after China said the U.S. has agreed to roll back tariffs in the event a phase one trade deal is reached.
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“In the past two weeks, lead negotiators have had serious and constructive discussions on resolving issues of core concern,” Chinese Ministry of FInance spokesperson Gao Feng said in a statement.
“Both sides agreed to remove the additional tariffs imposed in phases as progress is made on the agreement. If China and the US reach a phase one deal, both sides should roll back existing additional tariffs in the same proportion simultaneously.”
The amount of tariff relief will depend on the content of the “phase one” agreement.
The Dow Jones Industrial Average gained almost 200 points, or 0.72 percent during the first 30 minutes of trading while the Nasdaq and S&P 500 up 0.53 percent and 0.67 percent respectively. All three of the major averages were trading in record territory.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 27704.83 | +212.27 | +0.77% |
| SP500 | S&P 500 | 3094.33 | +17.55 | +0.57% |
| I:COMP | NASDAQ COMPOSITE INDEX | 8470.399583 | +59.77 | +0.71% |
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Industrial bellwethers Caterpillar and Boeing both gained amid the seemingly positive news on the trade front.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CAT | CATERPILLAR INC. | 147.40 | +1.91 | +1.31% |
| BA | BOEING COMPANY | 355.31 | +3.17 | +0.90% |
Looking at earnings, Pacific Gas and Electric shares were lower after the utility announced a $2.5 billion third-quarter write-down for damage claims related to wildfires in Northern California.
Roku was under pressure after reporting third-quarter costs surged as it made efforts to juice subscriber growth.
Meanwhile, Qualcomm shares gained after the manufacturer of digital wireless communications equipment said strength in its licensing business delivered better-than-expected results.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PCG | PG & E CORP. | 6.79 | -0.13 | -1.88% |
| ROKU | ROKU INC | 117.31 | -23.74 | -16.83% |
U.S. economic data out Thursday morning was light, with initial jobless claims coming in at 211,000, below the 215,000 that economists surveyed by Refinitiv were expecting.
Traders dumped Treasurys, running the yield on the 10-year note up nearly 8 basis points to 1.891 percent.
Elsewhere, commodities were mixed, with gold down 0.48 percent at $1,486 an ounce and West Texas Intermediate crude oil up 1.83 percent at $57.38 a barrel.
In European, Germany’s DAX gained 0.7 percent to lead the gains.
In Asian market trading, the Shanghai Composite was unchanged, Tokyo’s Nikkei edged up 0.1 percent and Hong Kong’s Hang Seng rose 0.6 percent.
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FOX Business’ Ken Martin and The Associated Press contributed to this report.
