Equity futures turned higher following Thursday’s plunge, after China said trade representatives would meet next week.
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Dow Jones futures were rising by 1 percent. The S&P 500 added 1 percent and the Nasdaq Composite was up 1.2 percent.
Stocks around the globe were lifted after China’s Commerce Ministry said the U.S. trade delegation led by Deputy Trade Representative Jeffrey Gerrish will visit China on Monday and Tuesday.
The two sides are working to resolve disputes on trade and other economic issues.
In Asian trading on Friday, optimism about trade talks with the United States helped sooth investor nerves.
China’s Shanghai Composite Index closed up 2.0 percent and higher by 0.8 percent for the week.
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Hong Kong’s Hang Seng index ended up 2.2 percent and was up 0.5 percent for the week.
Japan’s Nikkei had its first trading session of the new year and finished the day down 2.3 percent.
European markets opened higher. London’s FTSE added 1 percent, Germany’s DAX rose 1 percent and France’s DAC gained 0.8 percent.
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Investors will get the final report on employment for 2018. Economists expect 177,000 jobs were added to payrolls in December with the unemployment rate holding steady at 3.7 percent.
Stocks plummeted on Thursday despite a strong ADP report on private-sector employment, which showed that last month the U.S. economy added 271,000 jobs, well ahead of the 178,000 analysts had expected.
So far, it’s a been a brutal start to the new year for stocks.
U.S. stocks got slammed across the board on Thursday as investors reacted to Apple’s rare guidance cut and amid rising concerns that the U.S. economy may face new headwinds in 2019.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 22686.22 | -660.02 | -2.83% |
| SP500 | S&P 500 | 2447.89 | -62.14 | -2.48% |
| I:COMP | NASDAQ COMPOSITE INDEX | 6463.5041 | -202.43 | -3.04% |
Apple slid nearly 10 percent registering its worst day in six years wiping out $74.6 billion in market cap. By comparison, that number mirrors the size of General Electric, Morgan Stanley and Caterpillar. The iPhone maker was also responsible for the bulk of the Dow Jones Industrial Average’s 660 point loss, as well as the declines in the S&P 500 and Nasdaq Composite which dropped over 2 percent. The Dow and the S&P 500 are off to the worst start for a year since 2000, according to the Dow Jones Market Data Group.
Apple CEO Tim Cook, in a letter to shareholders released after markets closed Wednesday, attributed most of the expected revenue drop to lower iPhone sales, China’s slowing economy and trade tensions between China and the U.S.
A weak report from the Institute for Supply Management (ISM) on manufacturing last month also weighed on stocks.
FOX Business’ Mike Obel and Suzanne O’Halloran contributed to this article.
