U.S. stock futures pointed higher on Sunday evening as Wall Street looks ahead to a big week for the U.S.-China trade war, corporate earnings, and economic data.
President Donald Trump again set the tone for the market after he further softened his rhetoric on China in an interview with Fox News’ Sunday Morning Futures.
“I’m not looking to destroy China,” he said, contrasting with his remarks in August when he said he holds “incredible cards” that “would destroy China,” if he chose to use them.
Earlier this month, he announced an additional 100% tariff and software restrictions on China, which has a stranglehold on the world’s supply of rare earths and imposed tighter export controls that threaten a wide range of industries.
Last week, stocks rebounded sharply after Trump said “Don’t worry about China” and vowed that everything will be fine. A similar pattern is playing out again this weekend.
Futures tied to the Dow Jones industrial average rose 54 points, or 0.12%. S&P 500 futures were up 0.15%, and Nasdaq futures added 0.20%.
The yield on the 10-year Treasury was flat at 4.011%. The U.S. dollar was down 0.06% against the euro and up 0.14% against the yen.
Gold climbed 1% to $4,253.10 per ounce. U.S. oil futures were steady at $57.55 a barrel, and Brent crude was virtually unchanged at $61.27.
Investors will get another update on the trade war as Treasury Secretary Scott Bessent is due to meet Chinese Vice Premier He Lifeng this week to continue talks ahead of a meeting between Trump and Xi Jinping at the end of this month on the sidelines of a regional economic summit in South Korea.
Meanwhile, the third-quarter earnings season ramps up after big banks reported blowout results, with top tech companies on tap.
On Tuesday, Netflix and Texas Instruments are due. On Wednesday, Tesla and IBM will report, while Intel is scheduled for Thursday.
And despite the government shutdown, the consumer price index report for September will be issued by the Labor Department on Friday after key personnel were recalled. The report will allow for Social Security to make cost of living adjustments.
Economists expect a 0.4% monthly uptick, matching August’s pace, and a 3.1% annual increase, accelerating from 2.9% in August.