US stock futures drifted higher on Monday as investors looked to renewed US-China trade talks for signs either side is willing to dial down tensions and reach a tariff deal.
S&P 500 futures (ES=F) inched up 0.1%, after the broad benchmark edged above 6,000 to notch its highest close since February. Contracts on the Dow Jones Industrial Average (YM=F) and on the tech-heavy Nasdaq 100 (NQ=F) also nudged 0.1% higher.
The focus is on high-level US-China trade talks that began in London on Monday, after a phone call between President Trump and Chinese President Xi last week.
Read more: The latest on Trump’s tariffs
The stakes are high amid warnings that tariff barriers will harm economies worldwide — the US in particular. Investors are looking for a revival of the momentum shown in the Geneva pact in mid-May. Relations have soured since then, with the US and China accusing each other of not keeping to the trade truce and ratcheting up pressures in other areas.
For now, markets appear to have shaken off the volatility that has plagued markets following Trump’s early-April tariff hikes. Stocks ended last week on a high note, as encouraging jobs data helped ease fears of a recession fueled by his policy overhaul.
The economic highlight this week is May US consumer inflation print due on Friday, with the wholesale inflation report leading the way on Thursday.
On the corporate front, Apple (AAPL) kicks off its big annual WWDC developers conference on Monday. Wall Street is watching for more insight into the company’s AI plans, though not on the lines of last year’s splashy announcements.
Meanwhile, investors are keeping a wary eye on escalating tensions in Los Angeles after Trump sent in the National Guard to deal with anti-deportation protests.
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