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US open: Stocks open higher ahead of trade talks

Fri 22 February 2019 14:41 | A A A

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FTSE 100 | FTSE 250 | Paris CAC 40 | Dow Jones | NASDAQ

7207.59 | Negative 147.72 (2.01%)

Prices delayed by at least 15 minutes

(Sharecast News) - US stocks opened higher on Friday as investors eyed more news from trade talks between the US and China ahead of next week's truce deadline.

As of 1530 GMT, the Dow Jones Industrial Average was 0.43% higher at 25,962.09, while the S&P 500 was up 0.28% at 2,782.56 and the Nasdaq moved 0.38% firmer to 7,488.18.

The Dow opened 110 points higher even as Chinese Vice Premier Liu He was set to meet Donald Trump at the White House on Friday following reports that both sides have started to outline commitments in principle on six issues that could halt a trade war.

Craig Erlam, senior market analyst at Oanda, said: "It would appear that there's been some real progress made in the talks, at least enough to extend the truce and avoid further tariff hikes. This is a major risk for markets and is helping to feed into the improved risk appetite we've seen this year.

"If Trump's team can get this over the line before next week's deadline, it could provide a major boost although European investors may get a little anxious at the prospect of the US President then turning his attention that way."

In corporate news, shares in file sharing and storage company Dropbox were down 8.17% lower in early trade as the company's fourth-quarter earnings and revenue beat expectations but guidance for the first quarter and full year disappointed.

Elsewhere, shares in Kraft Heinz sunk 26.03% at the bell after it posted a quarterly loss of nearly $13bn, slashed its dividend and said it had received a subpoena from the Securities and Exchange Commission.

Online shipping and postage company tumbled 54.55% at the open after it said its key partnership with the United States Postal Service had ended.

While there are no releases of note due on the macro front, speeches are due from a number of Fed policymakers, including New York Fed President John Williams and St Louis Fed President James Bullard.

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