U.S. stock index futures were higher Tuesday morning as hope around U.S.-China trade talks increased.
Bloomberg News reported China granted new waivers to several companies exempting them from tariffs on at least 2 million tons of U.S. soybeans. The report added some companies have already bought about 1.2 million tons of soybeans.
Treasury Secretary Steven Mnuchin also confirmed trade talks between the world’s two largest economies would resume next month. In an interview with Fox Business Network, Mnuchin said negotiators from the U.S. and China had made some progress in last week’s deputy-level meetings.
The dispute between Washington and Beijing has dragged on for well over a year, battering financial markets and souring business and consumer sentiment.
Apple, which has large exposure to the Chinese market, rose 0.9% in the premarket. Caterpillar and Boeing, two trade bellwethers, gained 0.5% and 0.4%, respectively.
On the data front, Philadelphia Fed nonmanufacturing figures for September will be released at around 8:30 a.m. ET. The S&P/Case-Shiller’s home price index for July, consumer confidence data for September and Richmond Fed surveys will all follow slightly later in the session.