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Stocks- U.S. Futures Continue Rally as China Cuts Vehicle Import Tariffs

Investing.com
Updated
U.S. futures pointed to a higher opening bell on Tuesday.
U.S. futures pointed to a higher opening bell on Tuesday.

Investing.com – Wall Street looked set to continue its rally on Tuesday, as trade war worries between the U.S. and China eased.

The S&P 500 futures was up three points or 0.13% to 2,736.50 as of 6:44 AM ET (10:44 GMT) while Dow futures increased 41 points or 0.16% to 25,043.0. Meanwhile tech heavy Nasdaq 100 futures rose 22 points or 0.32% to 6,938.00.

China said Tuesday it would cut import tariffs for automobiles and some car parts starting on July 1. Tariffs would be lowered to 15% from the current 20% to 25%, while tariffs on auto parts would be cut to 6%.

High tariffs on automobiles had been one of the complaints of the U.S. administration. The two countries are working towards a trade agreement, with the trade war between the U.S. and China currently “on hold,” U.S. Treasury Secretary Steven Mnuchin said on Sunday.

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Meanwhile investors will be looking to the last big financial reports as earnings season continues to wind down on Tuesday. The last big retailers Kohl’s Corporation (NYSE:KSS) and TJX Companies Inc (NYSE:TJX) are expected to report ahead of the morning bell, with reports from AutoZone (NYSE:AZO), HP Inc (NYSE:HPQ) and others also expected later in the day.

General Electric (NYSE:GE) was among the top gainers in pre-market trading, rising 1.38% while Micron Technology Inc (NASDAQ:MU) was up 4.54% and Chinese e-commerce giant Alibaba (NYSE:BABA) inched up 0.58%.

Elsewhere Nokia (HE:NOKIA) Corp ADR (NYSE:NOK) (HE:NOKIA) dipped 1.28% while Seadrill Limited (NYSE:SDRL) fell 9.26%.

In Europe stocks were mostly up. Germany’s DAX rose 12 points or 0.10% while in France the CAC 40 decreased five points or 0.07% and in London, the FTSE 100 was up 11 points or 0.15%. Meanwhile the pan-European Euro Stoxx 50 gained three points or 0.10% while Spain’s IBEX 35 rallied 57 points or 0.57%.

In commodities, gold futures rose 0.22% to $1,293.70 a troy ounce while crude oil futures increased 0.25% to $72.53 a barrel. The U.S. dollar index which measures the greenback against a basket of six major currencies, was down 0.17% to 93.30.

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