U.S. stock index futures jumped Wednesday morning after Treasury Secretary Steven Mnuchin told CNBC that the U.S. and China were almost there on a trade deal.
At around 5:30 a.m. ET, Dow futures rose 106 points, indicating a positive open of more than 112 points. Futures on the S&P and Nasdaq were both seen slightly higher.
"We were about 90% of the way there (with a deal) and I think there's a path to complete this," Mnuchin told CNBC's Hadley Gamble on Wednesday, without providing detail on what the final 10% of an agreement might entail. He said he's confident President Donald Trump and Chinese President Xi Jinping can make progress in stalled trade talks at the forthcoming Group of 20 (G-20) meeting this weekend.
Wall Street saw its worst day of June on Tuesday on the back of comments from Federal Reserve officials. Fed Chair Jerome Powell Tuesday said the central bank is assessing whether the U.S. economy is calling for lower rates. However, Powell also said that the Fed will take a wait-and-see approach given how rapid recent economic changes have been.
Earlier on Tuesday, James Bullard, president of the St. Louis Fed, downplayed prospects of a rate cut. Market expectations point to a rate cut in July.
In terms of data, there will be durable goods numbers at advanced economic indicators due at 8:30 a.m. ET.
In corporate news, General Mills and KB Home are due to report earnings.
https://www.cnbc.com/2019/06/26/stock-market-traders-digest-feds-powell-comments.html
2019-06-26 06:13:40Z
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