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U.S. stock index futures were higher Tuesday as market participants continue to monitor trade developments between the world’s two largest economies.
Futures for the Dow Jones Industrial Average gained 122 points, or 0.5%, to 25,818
Futures for the S&P 500 gained 15.75 points, or 0.6%, at 2,859.75
NASDAQ futures added 56 points, or 0.8%, to 7,447.75
Shares of chipmakers like Micron Technology, Qualcomm and Xilinx all rose more than 2%. Nvidia advanced 1.5%, and Lam Research gained 1.8% respectively.
On Monday night, the U.S. government temporarily eased some trade restrictions imposed on China’s Huawei Technologies last week. The move sought to minimize disruption for the telecom company’s customers around the world.
The U.S. Commerce Department said it would allow Huawei to purchase American-made goods in order to maintain existing networks and provide software updates to existing Huawei handsets until Aug. 19.
The S&P 500 and Dow are both down more than 3% in May, while the NASDAQ had lost 4.9% through Monday’s close. Among S&P 500 sectors, only real estate was up for the month.
On the data front, the Philadelphia Fed non-manufacturing survey for May is set to come out this morning, followed by existing home sales figures for April.
Overseas, the Nikkei 225 sank 0.1% Tuesday, while in Hong Kong, the Hang Seng index lost 0.5%.
Oil prices took on 30 cents to $63.40 U.S. a barrel.
Gold prices lost $5.90 to $1,294.90 U.S. an ounce.
