Dow Jones Today: Stock Futures Rise as Investors Await News on US-China Trade Talks; Tesla Continues to Rebound from Last Week's Sell-Off
Stock futures are slightly higher Tuesday morning as investors remain on alert for news from ongoing trade talks between the U.S. and China.
Futures tied to the Dow Jones Industrial Average were up 0.1% recently, while those linked to the S&P 500 and Nasdaq added 0.2%. Stocks kicked off the week with modest gains, pushing the benchmark S&P 500 and the tech-heavy Nasdaq Composite to their highest levels since February. The S&P 500 enters the day just 2.3% away from its record closing high, after being down as much as 15% for the year in early April when fears about tariffs roiled financial markets.
Stocks have rallied in recent weeks amid hopes that President Donald Trump will soften his stance on tariffs, while corporate earnings have been generally strong and key indicators have shown the economy remains on sound footing. Market participants are focussed early this week on discussions taking place in London between U.S. and Chinese officials, who in addition to discussing tariffs are reportedly addressing restrictions on exports of rare earth minerals and chips, among other products.
Tesla (TSLA) shares were up more than 2% in premarket trading, adding to the big gains posted the past two sessions after a massive sell-off last week that was sparked by a very public dispute between CEO Elon Musk and President Trump.
Among other mega-cap technology stocks, Meta Platforms (META) was up 1%, while Nvidia (NVDA), Amazon (AMZN), Alphabet (GOOG) and Broadcom (AVGO) inched higher. Microsoft (MSFT), which comes into the day at a record high and riding an eight-session winning streak, was down slightly, as was Apple (AAPL), which lost ground yesterday after the company failed to impress investors at its Worldwide Developers Conference.
Bitcoin was trading at $109,500, up from around $108,500 yesterday afternoon. The digital currency is approaching its record high of just below $112,000, set on May 22.
West Texas Intermediate futures, the U.S. crude oil benchmark, were up 0.6% at $65.65 per barrel, rising for the fourth straight day and trading at their highest level since early April. Gold futures were down 0.1% at $3,355 an ounce.
The yield on the 10-year Treasury note, which affects borrowing costs on all sorts of consumer and business loans, fell to 4.45% from 4.48% at yesterday’s close. The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, rose 0.1% to around 99.