U.S. stock futures are higher, expected to test record highs, on new trade deals.
President Donald Trump said a deal had been signed with China, and Commerce Secretary Howard Lutnick said the U.S. was nearing agreements with ten other trading partners. The final China deal includes a commitment from China to deliver rare earths used in everything from wind turbines to jet planes, Lutnick told Bloomberg.
At 6:03 a.m. ET, futures linked to the blue-chip Dow added 0.24%, or 106 points, to 43,824, while S&P 500 futures ganed 0.24%, or 15 points, to 6,210.00 and Nasdaq futures rose 0.32%, or 71.75 points, to 22,741. The S&P 500 and Nasdaq have been within striking distance of their record highs for the past couple of days but haven’t mustered enough energy to hurdle them.
The benchmark 10-year Treasury yield edged up to 4.273%.
Before the opening bell, investors will see the Fed’s preferred gauge of inflation and a glimpse of consumer spending through personal consumption expenditures, or PCE, data.
Inflation is expected to have risen 2.3% in May on an annual basis, with the core rate excluding food and energy up 2.6%. Most economists expect those numbers to continue rising this summer.
Corporate news
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Nike’s quarterly results topped analysts’ expectations but the company warned tariffs are expected to increase its costs by $1 billion this fiscal year. It said it will pass some costs on to consumers and cut costs to deal with the added expense. Shares of the mega sportswear company jumped 9.34% in pre-market trade.
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CorMedix plans to sell $85 million of stock in a public offering. Shares slumped 10.76%.
Cryptocurrency
Bakkt Holdings filed with the Securities and Exchange Commission to sell up to $1 billion in securities to potentially buy bitcoin and other digital assets.
Bitcoin was last up 0.15% at $107,115.80.
Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@usatoday.com and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
This article originally appeared on USA TODAY: S&P 500, Nadsaq test record highs on trade deals. Inflation data ahead