US stock index futures are trading at good gains today, with the Dow up more than 200 points after the US administration lowered fears of an impending recession, insisting that a trade war with the US would not hurt the local economy.
The gains come after Wall Street ended the week with positive sentiment backed by bond yield recovery, which in turn reduced fears of an economic outlook.
But investors continue to worry about economic data and the development of the trade front.
On Sunday, Donald Trump denied concerns about the recession.
"I don't think we have a recession," Trump said. "We are doing extremely well. Our users are rich. I gave a huge reduction in taxes and they were charged with money. "
His comments came after the University of Michigan Consumer Confidence Index reached its lowest level in seven months on Friday.
Trump was less optimistic than his aides on reaching a trade deal with China, saying that while he believed China was ready to reach an agreement, "I'm not ready to make a deal yet."
He hinted that the White House would first like Beijing to resolve the ongoing protests in Hong Kong.
Markets are also awaiting a decision to arrive later today on whether the government will allow Huawei Technologies to buy parts from US companies.
Several media outlets have reported that the US Department of Commerce will grant a "temporary general license" that will allow the business to continue for 90 days. However, Trump seems to contradict this by saying that he does not want US companies to deal with Huawei at all, citing national security issues.
On a good day for economic data, investors are eagerly awaiting earnings reports from Estee Lauder (NYSE: EL), the parent company of MAC, Clinique, Bobbi Brown, Smashbox and other premium cosmetic brands, along with giant Baidu (NASDAQ: BIDU).
Elsewhere, the overall increase in risk appetite has helped US crude oil futures grow 0.8%, while gold futures are up 0.9%.
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