U.S. Stocks Seek Rebound After Monday’s Selloff


Stocks set to open higher; Trump says he will meet with Xi Jinping

U.S. President Donald Trump announced Monday that he will meet with Chinese President Xi Jinping at the G20 summit in Japan this June, amid the protracted trade war between the two nations.

Trump said he expects “very fruitful” face-to-face discussions with Xi, and that he believes China wants to make a deal.

Wall Street’s main indexes are poised to open higher on Tuesday as investors digest Trump’s comments. As of 6:55 a.m. ET, futures on the blue-chip Dow were up 148.5 points, or 0.59% to 25,429.5.

Futures on the tech-heavy Nasdaq 100 jumped 72 points, or 0.98% to 7,386.75 while those on the S&P 500 were seen gaining 20.12 points, or 0.72% to 2,827.12.

Walmart to start offering next-day delivery service

Walmart Inc (NYSE: WMT) announced on Tuesday that it will begin offering free next-day shipping on about 200,000 products this week. The new service is expected to kick off in Las Vegas and Phoenix today, and roll out in Southern California over the next few days.

The world’s biggest retailer plans to expand the service to reach about 75% of U.S. shoppers by the end of the year. Walmart, which is seeking to take on Amazon (NASDAQ: AMZN), stated that the service will apply only to orders of $35 or more. Last month, Amazon said it will invest $800 million to expand one-day delivery for every Amazon Prime member.

Bitcoin tops $8,000

Bitcoin soared past the $8,000 mark early Tuesday, according to CoinDesk, before losing some of the gains. The cryptocurrency has seen its price rally over 120% since the beginning of the year, and more than 50% this month alone.

Prices of other digital currencies including Bitcoin Cash, ether, and XRP have also surged. Although it not possible to know what is behind the rally, some analysts believe investors are using cryptocurrencies to hedge against stock market risk.

Crude prices rise after Saudi Arabia says drones attacked its oil facilities

Oil prices jumped early Tuesday after Saudi Arabia said two of its pumping stations were attacked by explosive-laden drones. Saudi Arabia said the attacks have forced it to suspend some operations in its Aramco oil company to assess the damage.

U.S. West Texas Intermediate (WTI) crude futures gained $0.31 to touch $61.35 a barrel. Brent crude, the international marker, climbed $0.56 to trade at $70.79 a barrel.