U.S. stock index futures turned sharply higher Thursday morning after China reportedly said the world's two largest economies had agreed to cancel additional tariffs introduced in their monthly trade war.
Around 03:30 ET, Dow futures rose by 133 points, indicating a positive open of more than 117 points. Futures for S&P and Nasdaq were both higher.
China said Thursday that both sides must simultaneously cancel some existing tariffs on each other's goods to reach a "phase one" trade agreement, Reuters reports, citing a spokesman at the trade ministry. The report also said that the proportion of scrapped customs must be the same.
It is reported that a meeting between President Donald Trump and Chinese President Xi Jinping could be postponed until December ̵
The United States and China have introduced billions of dollars in billions of goods for each other since the start of 2018, turned off by financial markets and soured business and consumer sentiment.
On the data front, the latest weekly unemployment requirements will be released around 8:30 am, with September's consumer credit figures to be published later in the session.
In the company's news, Discovery, Johnson Controls and Ralph Lauren are among some of the companies that are set to report earnings.
Booking Holdings, Disney and Activision Holdings are among some of the companies that will report the latest quarterly figures after the end of the market.