US futures point to slightly higher open after US-China reach partial trade deal

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U.S. stock index futures were slightly higher Monday morning, after the U.S. agreed to suspend its next tariff increase on Chinese imports.

At around 03:30 a.m. ET, Dow futures rose 8 points, indicating a positive open of more than 14 points. Futures on the S&P and Nasdaq were both marginally higher.

Market focus is largely attuned to global trade developments, amid signs of progress in the long-running U.S.-China trade dispute.

On Friday, President Donald Trump announced that the first phase of a deal with China had been agreed, though officials on both sides said much more work needed to be done.

The partial deal — which covers agriculture, currency and some aspects of intellectual property protections — represents the first major step forward to end the trade war in 15 months.

However, the deal does not include many details and Trump has warned it could take up to five weeks to get a pact written.

The world’s two largest economies have imposed tariffs on billions of dollars’ worth of one another’s goods since the start of 2018, battering financial markets and souring business and consumer sentiment.

There are no major economic data reports scheduled on Monday.

Meanwhile, U.S. bond markets will be closed for the Columbus Day holiday.

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