Offbeat Dow set to rebound 200 points after snapping 4-day winning streak

15:56  12 july  2018
15:56  12 july  2018 Source:   cnbc.com

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At around 3:20 a.m. ET, Dow futures rose 111 points , indicating a positive open of 111.55 points . Wednesday’s session closed sharply lower after the White House unveiled new tariffs on Chinese goods, worth $ 200 billion.

The Dow Jones industrial average rose sharply on Thursday, posting its sixth straight day of gains, following the release of weaker-than-expected U.S. inflation data. Exxon Mobil and UnitedHealth were the best-performing stocks in the 30- stock index, which closed positive for 2018.

  Dow set to rebound 200 points after snapping 4-day winning streak © Richard Drew/AP   U.S. stock index futures indicated a higher open on Thursday as trade fears declined amid a lack of retaliatory tariffs by China to the latest round of charges by the U.S.

Dow Jones Industrial Average futures rose 200 points, indicating a gain of 200.55 points at the open. S&P 500 and Nasdaq 100 futures also pointed to strong opening gains.

The U.S. unveiled on Tuesday a list targeting $200 billion worth of Chinese goods for a 10 percent import tariff. Stocks fell sharply on the news, with the Dow snapping a four-day winning streak.

Eric Freedman, chief investment officer at U.S. Bank Wealth Management, said the lack of an immediate response by China is a positive for the market. He also noted that, while these tariffs are aimed at several Chinese imports, "the mixture of goods is different from that of the first round of tariffs. Also, they don't come into effect until August."

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U.S. stocks dropped sharply on Tuesday after Home Depot reported quarterly sales that fell short of Wall Street's expectations and interest rates breached new highs. The Dow Jones industrial average fell 193 points to close at 24,706.41, with Home Depot among the biggest contributors of losses.

The Dow Jones industrial average closed 306.88 points higher at 25, 200 .37, with Boeing as the biggest contributor of gains. The major averages all closed sharply higher on Wednesday, climbing back from the correction levels hit last week and notching a four - day winning streak .

The Chinese commerce ministry said Thursday that China has not been in touch with the U.S. about restarting trade talks, but noted that China does not want a trade war. A spokesman for the ministry said, however, China does not fear a trade war.

Investors also shifted their focus toward earnings and data, taking a breather from trade war concerns. On the earnings front, Delta Air Lines reported better-than-expected quarterly results. Wall Street expects strong numbers from Corporate America, with FactSet forecasting 20 percent earnings growth for the second quarter.

Weekly jobless claims fell to 214,000 last week and the consumer price index rose at its fastest pace in six years.

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