Mnuchin Says U.S.-China Trade Deal Is 90% Complete, Futures Edge Higher

Steven Mnuchin

Wall Street poised to open higher

U.S. stock index futures were higher on Wednesday morning after Treasury Secretary Steven Mnuchin issued positive comments on U.S.-China trade talks, which lifted risk sentiment. “We were about 90% of the way there (with a trade deal with China) and I think there’s a path to complete this,” Mnuchin told CNBC.

Mnuchin said he is confident China and the U.S. can make progress in their stalled trade discussions when President Donald Trump and President Xi Jinping meet this weekend at the G20 summit in Japan.

As of 5:56 a.m. ET, futures on the blue-chip Dow were seen climbing 116.5 points, or 0.44% to 26,678.5. Futures on the tech-heavy Nasdaq 100 rose 59 points, or 0.77% to 7,687.75 while those on broader S&P 500 were up 14.62 points, or 0.50% to 2,936.62.

Micron resumes some shipments to Huawei

Micron Technology Inc. (NASDAQ: MU) had an upbeat fiscal 2019 third quarter, as the chipmaker beat Wall Street expectations on Tuesday. Revenue slumped 39% to $4.8 billion from $7.80 billion, topping analysts’ expectations of $4.69 billion.

Idaho-based Micron earned $1.05 per share on an adjusted basis. Analysts had forecast adjusted earnings of $0.79 per share in the quarter ended May 30. The company also said it had resumed some chip shipments to Chinese tech giant Huawei Technologies, sending its share up 9.6% higher before the opening bell.

Bitcoin rises above $12,900

Bitcoin continued to climb higher on Wednesday, with the cryptocurrency rising to a high of $12,935.58 on the Bitstamp exchange in Asian trading hours. The cryptocurrency later gave away some of the gains to just under $12,600 in afternoon trading.

Bitcoin, the world’s largest digital currency by market cap, has gained more than 150% since early May. Prices of other smaller cryptocurrencies like Ripple’s XRP and Ethereum’s ether have also benefited from Bitcoin’s rally.

Apple acquires autonomous vehicle startup

Apple Inc (NASDAQ: AAPL) on Tuesday confirmed that it has purchased self-driving vehicle startup The 4-year-old startup, which was on the verge of laying off 90 workers and closing its doors, has been offering ride-hailing services with its self-driving shuttles in Arlington, Texas.

The acquisition is expected to bolster Apple’s engineering ranks with additional employees, as it ramps up efforts to create autonomous vehicle technology. Apple shares were up 1.26% to $198.03 in premarket trading session.