Wall Street surges as US and China agree to negotiate talks with Investing.com

Investing.com – Wall Street climbed early in trading on Thursday, boosted by the announcement by the US and China to be heard to begin high-level trade talks next month, an evolution which gave hope of a de-escalation of the commercial war.

Negotiations were agreed over the phone, said the Chinese Ministry of Commerce, confirmed by a spokesman for the office of the US Trade Representative. No term of the discussions has been given.

US tariffs on Chinese goods worth more than $ 100 billion came into effect on September 1 and plans to increase rates ranging from 25% to 30% against 250% of Chinese imports are scheduled for October 1.

The jumper gained 397 points or 1.5% at 9:49 ET (13:49 GMT), while the S & P 500 gained 33 points or 1.2% and the increase of 103 points or 1.3%.

Boeing Industrial Spokesperson (NYSE 🙂 rose 1.8% while caterpillar (NYSE 🙂 gained 3.1%. The chip makers, sensitive to customs duties, jumped after the opening, with Intel (NASDAQ 🙂 and Nvidia up more than 4%. The sector received Wednesday an upgrade from analysts at JPMorgan (NYSE 🙂 who said they expect a strong rebound in global demand for chips in the second half of this year.

Apple (NASDAQ 🙂 rose 2%, while Facebook (NASDAQ 🙂 grew 1.3%, the broader macroeconomic background outweighing the new one of another failure to privacy revealing the phone numbers of 419 million users.

The Slack messaging software group fell 15% after forecasting a slightly higher than expected loss per share for the third quarter of its first financial results report since its IPO.

Mallinckrodt (NYSE 🙂 fell 42.7% after Bloomberg announced its bankruptcy as it was preparing to face a wave of opioid-related lawsuits.

In addition, the Wall Street Journal announced that WeWork's parent company planned to reduce its valuation before an initial public offering of savings expected later this month. The WSJ said the valuation could be as low as $ 20 billion, less than half of the $ 47 billion recorded in its last private fundraiser. WeCompany's IPO prospectus was poorly received last month, many highlighting the lack of a clear path to profitability and governance risks arising from a stock structure that leaves the founder and CEO, Adam Neumann, to almost total control of the company IPO.

In addition, the Wall Street Journal announced that WeWork's parent company planned to reduce its valuation before an initial public offering of savings expected later this month. The WSJ said the valuation could be as low as $ 20 billion, less than half of the $ 47 billion recorded in its last private fundraiser. WeCompany's IPO prospectus was poorly received last month, many highlighting the lack of a clear path to profitability and governance risks arising from a stock structure that leaves the founder and CEO, Adam Neumann, to almost total control of the company IPO.

In commodities, it rose 0.9% to 56.78 dollars a barrel. The, which measures the greenback versus a basket of six major currencies, fell 0.3% to 98.088 and declined 1.5% to $ 1,536.45 troy ounce.