US stock market futures rise as S&P 500 nears record high on Fed rate cut hopes and China trade progress; Dow, Nasdaq rise too as Nike, Nvidia, Palantir surge

Economic Times

a day ago

US Stock futures rise as hopes for a U.S.-China trade deal lift investor sentiment, pushing the S&P 500 close to its all-time high. President Donald Trump confirmed a new trade framework with China, while Commerce Secretary Howard Lutnick revealed similar deals with 10 key partners are underway. Markets reacted positively, with S&P 500 futures up 0.3% and Nasdaq-100 gaining 0.4%. Rare earth exports and tech restrictions from China are easing, while investors eye U.S. inflation data today. This combination of trade optimism, easing tensions, and strong rebound sets the tone for a potentially record-breaking day on Wall Street.
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Which stocks are moving the most today?
Gainers
Nike (NKE) jumped nearly 10% after its quarterly earnings beat expectations. The athletic giant also offered a more upbeat outlook than analysts had projected, even as it warned of a modest revenue decline.
jumped nearly after its quarterly earnings beat expectations. The athletic giant also offered a more upbeat outlook than analysts had projected, even as it warned of a modest revenue decline. Core Scientific (CORZ) rose 5.5% amid merger rumors involving AI-focused firm CoreWeave.
rose amid merger rumors involving AI-focused firm CoreWeave. Oklo (OKLO) surged 5.4% , continuing its upward streak alongside strong speculative interest in nuclear energy plays.
surged , continuing its upward streak alongside strong speculative interest in nuclear energy plays. AeroVironment (AVAV) , Trade Desk (TTD) , and NuScale Power (SMR) also saw gains of 4% or more .
, , and also saw gains of . Palantir (PLTR) added 0.7% , boosted by renewed investor interest in artificial intelligence.
added , boosted by renewed investor interest in artificial intelligence. Nvidia (NVDA) climbed around 0.5%, keeping its lead as one of the year's top-performing tech giants.
Losers
Concentrix (CNXC) slumped 7.2% after delivering mixed Q2 results and offering a cautious forward outlook.
slumped after delivering mixed Q2 results and offering a cautious forward outlook. Bruker (BRKR) dropped 4.4% , while Darling Ingredients (DAR) fell 2.6% , likely on broader weakness in the industrials and commodities sectors.
dropped , while fell , likely on broader weakness in the industrials and commodities sectors. Gold miners like Newmont and Barrick slipped 2%–2.3% as gold prices softened amid rising yields.
Is a new U.S.-China trade deal finally coming together?
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How close is the S&P 500 to a record-breaking rebound?
'There is so much money that wants to come into the market that didn't for a while. And I just think if you don't have any negative news, the natural gravitational pull is across all these assets.'
Could U.S. inflation data stall the market rally?
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Headline PCE: +0.1% month-over-month, +2.3% year-over-year
Core PCE (excluding food and energy): +0.1% from April, +2.6% from a year ago
US stock market futures today: S&P 500 and Nasdaq rise ahead of inflation data and trade optimism
US stock futures:
Index Change Current Level S&P 500 E-mini +13.5 points (+0.22%) ~6,209.5 Nasdaq-100 E-mini +63–92 points (≈0.3%–0.4%) ~22,735–22,760
What does this mean for rare earths and tech restrictions?
What economic reports are traders watching?
Final June consumer sentiment report from the University of Michigan
from the University of Michigan Scheduled speeches from key Federal Reserve officials
Continued speculation around the next Fed chair pick
What's next for Wall Street as global trade shifts?
S&P 500 futures rose 0.3%, with the index just 0.1% below its all-time high.
U.S.-China trade framework finalized, says Commerce Secretary Howard Lutnick.
President Trump confirms a new understanding with China tied to the Geneva agreement.
Rare earth exports and tech trade restrictions to ease.
Inflation data at 8:30 a.m. ET could steer Fed expectations and market direction.
FAQs:
Stock futures rose early Friday, pushing the S&P 500 closer to a new all-time high, as investors grew more optimistic about a potential U.S.-China trade deal and awaited new U.S. inflation data that could impact the Federal Reserve's next move. With President Donald Trump confirming a recent agreement with China and top officials signaling progress on multiple trade fronts, Wall Street reacted positively.Futures tied to the S&P 500 climbed 0.3%, the Dow Jones Industrial Average gained by the same margin, while Nasdaq-100 futures advanced 0.4%. The S&P 500, now up 23.3% from its April low, is just 0.1% below its all-time intraday high of 6,147.76.Here are Friday's top stock movers as of premarket trading:Trade optimism surged after Commerce Secretary Howard Lutnick told Bloomberg that a framework between the U.S. and China had been finalized. Lutnick added that the Trump administration expects to close trade deals with 10 major partners in the near term.President Trump added to the momentum by saying Thursday, 'we just signed with China yesterday.' While that statement caused brief confusion, a White House official later clarified it referred to 'an additional understanding of a framework to implement the Geneva agreement.'Meanwhile, China's Ministry of Commerce confirmed that both nations had agreed on a framework allowing rare earth exports to the U.S., and would also ease certain technology restrictions.The S&P 500 has staged a remarkable comeback since hitting its lowest closing point on April 8. Back then, markets were rattled by fears that Trump's tariffs on Chinese goods could hurt earnings and possibly drag the economy into a recession.But since that low, the index has risen 23.3%, fueled by improved earnings expectations, stronger economic data, and increased global trade optimism. As of Friday morning, it sits only 0.1% away from its all-time intraday peak of 6,147.76.Rick Rieder, Chief Investment Officer of Global Fixed Income at BlackRock, told CNBC's Closing Bell:Before the S&P 500 can hit new records, investors are watching for fresh inflation data. The Personal Consumption Expenditures (PCE) price index—a key inflation measure watched closely by the Federal Reserve—is due at 8:30 a.m. ET.Any surprises here could sway sentiment sharply, especially with markets already pricing in potential Fed rate cuts later this year.US stock market futures climbed early Friday, boosted by growing confidence in a U.S.-China trade breakthrough and ahead of the release of key inflation data. The S&P 500 E-mini futures rose by 13.5 points, or 0.22%, reaching around 6,209.5, while Nasdaq-100 futures gained between 63 to 92 points, trading near 22,735 to 22,760.This uptick comes as investors anticipate the May PCE inflation report at 8:30 a.m. ET, which could shape the Federal Reserve's next move. Market sentiment is also supported by President Donald Trump's confirmation of a new trade framework with China, including the resumption of rare earth exports and relaxed tech restrictions.A lower inflation reading could strengthen expectations for a potential Fed rate cut in July. As of now, traders see a 20.7% chance of a rate reduction, according to futures pricing.One standout detail in the China-U.S. agreement is Beijing's move to resume rare earth exports to the U.S. These minerals are crucial for electronics, EVs, and military hardware. Restrictions on them were a major concern for tech companies and defense contractors.Additionally, China's promise to ease tech trade restrictions could benefit American chipmakers and hardware suppliers, many of whom rely on Chinese parts or markets for a large share of their revenue.This development may lift sectors that had lagged during earlier trade tensions, potentially boosting both technology and industrial stocks.The May PCE inflation report, due this morning, is the key focus for Wall Street. Analysts expect core PCE to rise around 2.6% year-over-year, slightly up from 2.5% in April. This figure will heavily influence future Fed policy decisions. Any indication of softening inflation would further boost rate-cut bets and risk-on sentiment.Also on deck:The market is now watching for actual deals to be signed, especially with the Trump administration reportedly working on agreements with 10 major trading partners. If finalized, these could open new export markets and lift overall business confidence.Investors are also closely tracking the Fed's response to inflation data, which could dictate the pace of future rate cuts or changes in monetary policy.For now, however, Wall Street appears focused on trade optimism, a resilient economy, and the potential for record highs in major indexes.Stock futures rose on optimism about a U.S.-China trade deal and easing tech restrictions The S&P 500 is just 0.1% below its all-time high as markets rebound.