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US Equity Futures Rise Pre-Bell After S&P 500, Nasdaq Set New Highs Amid US-China Meeting
US equity futures were higher pre-bell Thursday as technology stocks drove new record highs for the S&P 500 and the Nasdaq Composite while traders kept a close eye on the high-stakes meeting between US President Donald Trump and Chinese leader Xi Jinping.Dow Jones Industrial Average futures were 0.7% higher, S&P 500 futures were up 0.3%, and Nasdaq futures were 0.2% higher.On Wednesday, the S&P 500 advanced nearly 0.6% to close at 7,444.25, while the Nasdaq Composite rose 1.2% to end at 26,402.34, with both setting new closing records. Cisco Systems (CSCO) shares were up 15% after the company posted higher fiscal Q3 results and announced restructuring plans that included lay-offs of nearly 4,000 employees.At the start of a two-day summit, Xi told Trump that US-China trade talks were progressing positively, but warned that disagreement over Taiwan could lead to a dangerous situation and even cause conflict.Traders also mulled the latest round of earnings, with Brookfield (BN) reporting higher Q1 distributable earnings and revenue.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 0.4% at $105.24 per barrel and US West Texas Intermediate crude 0.5% lower at $100.56 per barrel.Investors also await the US retail sales bulletin for April, an early view into consumer responses to higher fuel bills, set for release in Washington at 8:30 am ET.The weekly jobless claims bulletin, scheduled for release at 8:30 am ET, is expected to show 205,000 new unemployment claims for the week ended May 9, compared with 200,000 in the prior week, according to estimates compiled by Bloomberg. The April retail sales report is forecast to show a 0.5% gain following a 1.7% increase in the previous month.The April import price index is expected to show a 1% month-over-month increase after a 0.8% gain previously. The export price index is projected to rise 1.2%, compared with a gain of 1.6% previously.Federal Reserve Kansas City President Jeffrey Schmid, Cleveland President Beth Hammack, New York President John Williams, and Governor Michael Barr are slated to speak on Thursday.
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WTI Crude Oil Futures Edge 0.1% Higher to $101.12, Brent Futures Climb 0.4% to $106.10 Pre-Bell
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