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Growing stimulus hopes hope to increase Wall Street in the open by Reuters





By Medha Singh

(Reuters) – Wall Street was set for sharp gains on open Monday as signs of interest rate reform in China bolstered the hope that large economies would trade to avert the slow economic effects of escalating global trade tensions.

The latest stimulus for the world's second-largest economy follows the news of potential German financial relief on Friday, which helped large indices to end the session more than 1% higher.

The indices pulled out their third straight weekly loss on Friday and the S&P 500 () is now about 5% off a record high in July. Businessmen will be split over the next few weeks as they balance trade risk and signs of slowing growth with the potential for more action from the US Central Bank and others in September.

A bond market emerged most recently dissolved for fear of a slowdown following the inversion of the yield curve further eased on Monday with US government yields rising across the board, which helped the future brighter.

"The yield curve expands and people start to feel like it's time to get back into stocks, especially after they've gotten cheaper in recent weeks," said Robert Pavlik, chief investment strategist and senior portfolio manager at SlateStone Wealth LLC in New York .

Interest-rate lenders rose in premarket trading, with Bank of America Corp (N :), Citigroup Inc (N :), JPMorgan Chase & Co (N :), Goldman Sachs (N :), Wells Fargo & Co (N 🙂 and Morgan Stanley (N 🙂 all up between 1[ads1].4% and 2.1%.

The focus this week will be on Wednesday's release of papers from the Fed's police meeting in July, when the central bank cut interest rates for the first time in more than a decade, leading Jerome Powell's speech at a central bank meeting in Jackson Hole on Friday.

"The street will hopefully be that the Fed will remove the comment" mid-cycle "on interest rate cuts, as we all know is coming," Pavlik said. [19659002] Chipmakers, who depend on China for much of their income, also received. Intel Corp (O :), Advanced Micro Devices Inc (O :), Qualcomm Inc (O :), Micron Technology Inc (O :), Nvidia Corp [19659009] (O 🙂 were all up between 1.4% and 3.2%.

United States Secretary of Commerce Wilbur Ross said Monday that the US government will extend a deferral granted to Huawei Technologies that allows the Chinese company to purchase supplies from US companies to serve existing customers, even though nearly 50 of the units were added american economic blacklist.

At 8:44 am ET, was up 281 points, or 1.08%. The S&P 500 e-minis increased by 31.25 points, or 1.08%, and was up 104.25 points, or 1.37%.

The so-called FAANG Group – Facebook Inc (O :), Amazon.com Inc (O :), Apple (O :), Netflix Inc (O 🙂 and Google Parents Alphabet Inc ( O 🙂 – was up between 1.2% and 2.1%, with the iPhone manufacturer leading the win.

President Donald Trump said Sunday that he had talked to Apple chief Tim Cook about the impact of US tariffs.

Estee Lauder Cos Inc (N 🙂 jumped 8.4% while forecasting full-year revenue and profit estimates, boosted by growing demand for premium skin care products and strength in its Asia Pacific business.



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