US STOCKS-China data, steadying yuan lift futures

  • Reuters
  • Stock Market News
US STOCKS-China data, steadying yuan lift futures
Credit: © Reuters.

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* Futures up: Dow 0.12%, S&P 0.23%, Nasdaq 0.41%

By Medha Singh

Aug 8 (Reuters) - U.S. stock index futures inched higher on Thursday as better-than-expected Chinese trade data and a steadying of its currency offered some comfort to investors rattled by an escalation in trade tensions and signals pointing to a recession.

The yuan regained some ground even as China's central bank set its official midpoint below the seven to the dollar threshold. Exports from the world's second-largest economy posted a surprise rise, while imports fell less than forecast. CNY/ latest data soothed some nerves after the S&P 500 on Monday posted its steepest percentage fall this year as the yuan slumped to its lowest in a decade.

Signals from the bond market were ominous as well, with a closely watched U.S. recession indicator reaching its highest level since March 2007 on Tuesday.

While the benchmark index has enjoyed a slight relief in the past two days, it still stands about 5% away from its record closing high hit last month.

At 6:53 a.m. ET, Dow e-minis 1YMcv1 were up 32 points, or 0.12% and S&P 500 e-minis EScv1 were up 6.75 points, or 0.23%.

Nasdaq 100 e-minis NQcv1 were up 31 points, or 0.41%.

Shares of Symantec Corp SYMC.O and Advanced Micro Devices Inc AMD.O bolstered futures for Nasdaq 100 . Symantec jumped 12.3% after sources said chipmaker Broadcom Inc AVGO.O is in advanced talks to buy the cybersecurity company's enterprise business. gained 5% after the chipmaker released the second generation of its processor chip for data centers and said that it had landed Alphabet Inc' GOOGL.O Google and Twitter Inc TWTR.N as customers. Inc LYFT.O advanced 5.4% after the ride hailing service raised its outlook for the year and forecast a faster path to profitability. Uber Technologies Inc UBER.N , due to report quarterly results after the bell, rose 4%.

Shares of Walt Disney (NYSE: DIS ) Co DIS.N rose 1.1% after Credit Suisse (SIX: CSGN ) upgraded its shares to "outperform" on positive investor sentiment as its video streaming service Disney+ closes in on its U.S. launch.

Shares of CenturyLink Inc (NYSE: CTL ) CTL.N fell 5.7% after the telecommunications services provider missed second-quarter revenue estimates.

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