Wall Street at the center of trade war concerns

US stock index futures were slightly higher on Thursday morning, easing the sharp losses from the previous session in a protracted trade dispute between the world's two largest economies.

By 3:40 am (ET), Dow futures were up 76 points, indicating a positive opening of more than 57 points. S & P and Nasdaq futures contracts were both slightly higher.

The focus on the market is largely focused on the evolution of global trade, after a leading Chinese diplomat stepped up rhetoric against the US in a fierce trade war that shows no sign of ending next.

Chinese Vice Foreign Minister Zhang Hanhui said Thursday that provoking trade disputes amounted to "bare economic terrorism".

Washington and Beijing have imposed tariffs on billions of dollars of reciprocal merchandise since the beginning of 2018, hitting financial markets and weakening the business and consumer climate.

Investors should closely monitor a series of economic data on Thursday. The latest EI claims and a second reading of GDP (gross domestic product) data are both due around 8:30 am Eastern time. Leading economic indicators and forthcoming home sales for April are expected to be released later in the session.