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Dow futures pop 150 points after US eases trade restrictions on Huawei

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U.S. stock index futures were higher Tuesday morning, as market participants continue to monitor trade developments between the world’s two largest economies.

At around 6:20 a.m. ET, Dow futures indicated a positive open of about 150 points. Futures on the S&P and Nasdaq were both seen higher, as well.

On Monday, the U.S. government temporarily eased some trade restrictions imposed on China’s Huawei Technologies last week. The move sought to minimize disruption for the telecom company’s customers around the world.

The U.S. Commerce Department said it would allow Huawei to purchase American-made goods in order to maintain existing networks and provide software updates to existing Huawei handsets until August 19.

The temporary easing of trade restrictions won some respite with market participants ahead of Tuesday’s opening bell. However, an increasingly fraught atmosphere between Washington and Beijing has continued to keep financial markets on edge, with investors abandoning any hopes of an early resolution to the protracted trade dispute.

On the data front, the Philadelphia Fed non-manufacturing survey for May is set to come out at around 8:30 a.m. ET, followed by existing home sales figures for April at around 10 a.m. ET.

In corporate news, Home Depot, AutoZone, and TJX Cos.are among some of the companies expected to release their latest quarterly results before the opening bell.

Nordstrom, Toll Brothers, and Pure Storage are all set to report their latest figures after market close.

CNBC

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Ed Moya

Ed Moya

Contributing Author at OANDA
With more than 20 years’ trading experience, Ed Moya was a Senior Market Analyst with OANDA for the Americas from November 2018 to November 2023. His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies. Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal. Ed holds a BA in Economics from Rutgers University.
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