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Wall Street was set for a higher opening on Tuesday, with futures on the markets building on gains the day before as traders looked past the exacerbated trade tensions between the US and China for # 39; s time.
Transaction volumes are expected to be lower than normal due to the July 4th holiday.
What are the markets doing?
Futures for the Dow Jones Industrial Average
YMU8, + 0.48%
climbed 43 points, or 0.2%, to 24,332, while those in the S & P 500 index
ESU8, + 0.36%
earns 4.70 points, or 0.2%, at 2,723. Futures for the Nasdaq-100 Index
NQU8, + 0.41%
put 18.25 points, or 0.3%, at 7.134,50.
The three US benchmarks Monday managed to get rid of anticipated losses and find themselves in positive territory. Tech stocks in particular have recovered, helping the Nasdaq composite index
COMP, + 0.76%
end 0.8% higher, while the Dow
DJIA, + 0.15%
gained 0.2% and the S & P 500
SPX, + 0.31%
put down 0.3%.
What drives the market?
Pre-sales gains were seen as a continuation of Monday's commercial mood, where better than expected Manufacturing data in the United States sparked optimism and briefly overshadowed the concerns about a possible trade war.
However, the uncertainty surrounding trade policy was still above the markets, ahead of US tariffs for Chinese products of up to $ 50 billion, which had to come into effect. force on Friday. The Trump administration was seen as maintaining tensions between the United States and China after the end of Monday's day, claiming that it was seeking to prevent China Mobile from operating in the US market . The White House cited the "national security interests" as the reason for denying China Mobile access to the United States
As trade tensions persist, analysts worry that China is launching a currency war against the United States.
USDCNY, -0.2730%
was depreciated by about 3.5% against the dollar over the last month, but rose slightly on Tuesday. The dollar bought 6.6523 yuan, against 6.6673 Monday night in New York.
Meanwhile, in Europe, traders have hailed a last minute deal on immigration in Germany. With the agreement in place, the fragile coalition government of Chancellor Angela Merkel has pulled out of a full-fledged crisis that could have cost Angela Merkel her German leadership position.
"Stocks in Asia are in the red due to the continued depreciation of the Chinese yuan, while concerns over whether US trade withdrawals threaten China's growth are driving down regional stock markets. and Americans, however, present a different picture, with almost every market oriented towards a positive opening bell, "said Konstantinos Anthis, head of research at ADSS, in a note.
"It remains to be seen whether this change in bias is a reaction to the resolution of German policy or just a short-term rebound, and given that most indices are trading just above Key support, vigilance is advised because a quick change of sentiment could threaten these lows and pave the way for more losses, "he added.
What are the other markets doing?
Asian stock markets are closed, with Hong Kong's Hang Seng index
HSI, -1.41%
and Japan's Nikkei 225 index
NIK, -0.12%
ending lower, but the Shanghai Composite Index
SHCOMP, + 0.41%
with a gain of 0.4%. Shares in Europe were higher almost everywhere.
The dollar
DXY, -0.20%
decreased against most other major currencies, while gold
GCQ8, + 0.45%
has been moved higher. Oil
CLQ8, + 1.08%
prices were also up, while traders valued the Trump administration's easing of its stance on sanctions against the company. ;Iran.
What stocks are targeted?
Shares of Micronet Enertec Technologies Inc.
MICT, + 7.89%
achieved 67% pre-commercialization after last Monday, BNN Technology bought 14.89% capital of the aerospace and defense company. The two companies also announced that they were planning a series of other strategic transactions.
Tesla Inc.
TSLA, -2.30%
slipped 0.3% in front of the bell, still to rise 2.3% from Monday when the Wall Street Journal reported that the company's top engineer Doug Field leaves
What's in the economic calendar?
Factory orders for May are expected at 10 am EST, while monthly sales in June are expected to be felt.
There were no speakers from the Federal Reserve on Tuesday.
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