National Committee on United States-China Relations President Steve Orlins discusses why China’s willingness to visit the White House is a positive sign for a possible trade deal.
U.S. equity futures are pointing to a higher open on Friday when Wall Street begins trading as President Trump says trade talks going well.
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The three futures indexes are pointing to a rise of at least 0.7 percent, putting the Dow at an advance of 180 points.
Oil prices spiked 2 percent after a rocket attack on an Iranian tanker.
Trump said he would meet Friday with Vice Premier Liu He, head of the Chinese delegation. Trump said China wants to make a deal.
Economists say a final settlement to the sprawling dispute is unlikely this year, but some traders are hoping for a cease-fire on further tariff hikes or other issues.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 26496.67 | +150.66 | +0.57% |
| SP500 | S&P 500 | 2938.13 | +18.73 | +0.64% |
| I:COMP | NASDAQ COMPOSITE INDEX | 7950.782416 | +47.04 | +0.60% |
On Thursday, tech stocks and banks led a rally Thursday as the trade talks began in Washington. The S&P 500, the Dow and the Nasdaq all advanced 0.6 percent.
In Asia, China’s Shanghai Composite rose 0.9 percent, Tokyo’s Nikkei gained 1.2 percent, Hong Kong’s Hang Seng advanced 2.4 percent.
The trade war has dragged on for 15 months, damaging both economies and raising fears of a global recession.
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Markets have been jittery this week as U.S.-Chinese tensions escalated. Washington blacklisted a group of Chinese companies American officials said supplied technology used to repress Muslim ethnic minorities.
Beijing lashed out at American companies including Apple Inc. and the National Basketball Association over protests in Hong Kong.
The Trump administration has slapped tariffs on more than $360 billion worth of Chinese imports.
Tariffs on $250 billion worth of goods are set to increase to 30 percent from 25 percent on Oct. 15, and new tariffs will kick in on another $160 billion on Dec. 15.
That would extend import taxes to virtually everything China ships to the United States.
China has hit back by targeting about $120 billion in U.S. goods.
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Meanwhile, crude prices jumped after Iranian officials reported two rockets struck an Iranian tanker traveling through the Red Sea off the Saudi coast. It came amid heightened tensions between Tehran and the United States.
The Associated Press contributed to this article.
