September 18, 2018 / 1:10 PM / 8 months ago

CORRECTED-US STOCKS-Oil, tech sectors resist tariff woes

(Corrects second paragraph to show tariffs are on $200 bln in goods, not $200 bln in tariffs)

* U.S. to slap 10 pct tariffs on $200 bln Chinese goods

* Duties spare some consumer tech products

* Apple up; tech stocks broadly higher

* Facebook exception as JPM predicts spending rise

* Futures up: Dow 0.27 pct, S&P 0.22 pct, Nasdaq 0.30 pct

By Shreyashi Sanyal

Sept 18 (Reuters) - U.S. stock index futures pointed to a higher open for Wall Street on Tuesday, buoyed by a rise in oil prices and concessions that analysts said made the latest round of trade tariffs on China less damaging than initially feared.

The benchmark S&P 500 fell for the first time in six sessions on Monday after President Donald Trump made good on his threat to place charges on another $200 billion in Chinese goods.

Trump’s holding of the tariff rate at 10 percent for the moment, however, allied to a series of exclusions for goods including smartwatches produced by Apple and Fitbit strengthened the technology stocks seen as most exposed to a still worsening trade war.

Collection of the tariffs on the U.S. list will start on Sept. 24 but the rate will only rise to 25 percent by the end of 2018, although Trump also threatened duties on about $267 billion more if China retaliated.

“Rather than going ahead with the full 25 percent, the administration will wait till end of the year, this minimizes the overall impact,” said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.

“There’s this hope that this move is going to lead China to the bargaining table again and most market participants think everything is going to turn out okay.”

At 8:37 a.m. ET, Dow e-minis were up 71 points, or 0.27 percent. S&P 500 e-minis were up 6.25 points, or 0.22 percent and Nasdaq 100 e-minis were up 21.5 points, or 0.29 percent.

Shares of Apple rose 0.4 percent in premarket, after falling on the trade concerns on Monday. The iPhone was also not among the ‘wide range’ of products Apple said would be hit by the $200 billion round.

Three of the other members of the FAANG group of major tech stocks - Netflix, Google-parent Alphabet, and Amazon - were slightly higher, after closing lower on Monday.

Shares of Facebook fell 0.8 percent after J.P. Morgan said it expected the social media giant’s spending to rise over the next two years.

Energy companies including Exxon Mobil gained after Saudi Arabia said it was comfortable with a higher price range, pushing global crude prices higher.

San Diego-based Viking Therapeutics Inc more than doubled in value after its experimental liver disease treatment met the goals of a mid-stage trial.

Chipmaker Advanced Micro Devices rose 1.9 percent, while peer Nvidia gained 0.6 percent after brokerage Mizuho raised its share price targets for both. A third chipmaker, Micron, rose 1.1 percent.

Oracle fell 3.9 percent after the business software maker failed to hit revenue estimates in its struggle to make inroads in the cloud computing market.

Autozone fell 5.4 percent after the auto parts retailer also came up short of same-store sales estimates. (Reporting by Shreyashi Sanyal in Bengaluru; editing by Patrick Graham)

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