U.S. stock index futures point to a higher open on Monday morning as the White House sought to calm investors over growing concerns about the trade war and the U.S. economy.
Around 5:35 a.m. ET, Dow futures indicated a positive open of more than 240 points. Futures on the S&P and Nasdaq were also higher.
President Donald Trump said Sunday he doesn’t see a recession on the horizon after a volatile week for markets.
“I don’t think we’re having a recession,” Trump told reporters. “We’re doing tremendously well. Our consumers are rich. I gave a tremendous tax cut and they’re loaded up with money.”
Wall Street ended Friday’s session on a more positive note, on the back of a rebound in bond yields, which eased ongoing recession fears. Nonetheless, traders are keeping an eye on U.S.-China trade relations.
President Trump also said Sunday that he does not want to do business with Huawei, the Chinese tech giant, saying the company poses a national security threat.
Earlier, The Wall Street Journal and Reuters reported that the Commerce Department was preparing to extend a license for 90 days, which will allow Huawei to continue business with the U.S. companies to service existing customers. The current agreement is set to end on Monday. Huawei’s business in the U.S. is one of the most contentious points in the ongoing trade war with China.
On the back of the trade war, Apple CEO Tim Cook spoke with Trump on Sunday. The U.S. president said Cook made a “good case” that it would be hard for Apple to pay tariffs, when Samsung does not face the same level of duties given its manufacturing in South Korea.
In corporate news, Estee Lauder and Baidu are set to report earnings on Monday. Meanwhile, there are no major data releases scheduled.