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U.S. stock index futures pointed to a higher open on Friday morning as investors digested reports that the Trump administration could reduce tariffs imposed on China.
Futures for the Dow Jones Industrial Average leaped 154 points, or 0.6%, to 24,475
Futures for the S&P 500 gained 11.5 points, or 0.4%, to 2,646.75
NASDAQ futures jumped 31.25 points, or 0.5%, to 6,751.25
The stock market ended on a positive note on Thursday after the Wall Street Journal reported that the U.S. could ease trade tariffs against China. The suggestion reportedly came from Treasury Secretary Steven Mnuchin, but faced pushback from U.S. Trade Representative Robert Lighthizer.
Wall Street rallied on the news but pared some of those gains after a senior government official told the media that Mnuchin had not made any such recommendations.
Shares of Tesla were getting slammed in the pre-market after CEO Elon Musk said the automaker is cutting its full-time staff headcount by about 7%, as it looks to ramp up production of its Model 3 sedans.
Money managers were also following U.S. politics as the government shutdown continues into its 28th day.
Meanwhile, with the earnings season in full swing, investors will be watching out for results from Schlumberger, State Street, and SunTrust.
In terms of economic data, there will be industrial production figures out at 9:15 a.m. ET and consumer sentiment numbers due at 10 a.m. ET.
Overseas, in Japan, the Nikkei 225 vaulted 1.3% Friday, while in Hong Kong, the Hang Seng index also grew 1.3%
Oil prices gained 71 cents to $52.78 U.S. a barrel.
Gold prices faded $7.70 to $1,284.60 U.S. an ounce.
