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* Qualcomm gains on upbeat forecast
* Trade-sensitive chipmakers, industrials rise
* Ralph Lauren jumps on profit beat
* Roku plunges after wider loss
* Futures up: Dow 0.55%, S&P 500 0.37%, Nasdaq 0.44% (Adds comment, updates market action)
By Arjun Panchadar
Nov 7 (Reuters) - Wall Street’s main indexes were set to hit record highs on Thursday, boosted by signs of progress in U.S.-China trade relations and a fresh batch of largely upbeat earnings reports.
The benchmark S&P 500 index is eyeing its fifth straight week of increases, while the tech-heavy Nasdaq is set to log six weeks of gains.
China said on Thursday that it had agreed with the United States to remove tariffs in phases, while the state-owned Xinhua News Agency said Beijing was also considering removing restrictions on poultry imports.
“This is fuelling optimism that a trade deal will be solidified at some point,” said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, New Jersey.
“It removes a veil of uncertainty and gives the market a green light for a risk-on path.”
Trade-sensitive industrials 3M Co and Caterpillar Inc rose over 1% in premarket trading. Chipmakers with a sizeable exposure to China, including Intel Corp, Micron Technology and Nvidia Corp, were up between 1% and 1.7%.
Also supporting tech stocks was a 5.6% gain in Qualcomm Inc shares after the chipmaker forecast current-quarter profit above analysts’ estimates.
Nearly three-quarters of the 383 S&P 500 companies that have reported results so far have beaten profit expectations, according to IBES data from Refinitiv.
At 8:46 a.m. ET, Dow e-minis were up 152 points, or 0.55%. S&P 500 e-minis were up 11.5 points, or 0.37% and Nasdaq 100 e-minis were up 36 points, or 0.44%.
Ralph Lauren Corp jumped 9.6% after it topped second-quarter profit expectations, driven by tighter control on expenses and strong demand for its Polo shirts and tweed jackets in China and Europe.
Expedia Group Inc dropped 14% as the online travel booking company missed quarterly profit estimates.
Roku Inc plunged 15% after posting a wider net loss in the third quarter, as it spent more to attract subscribers to its video streaming platform.
Twitter Inc fell 1.6% after Evercore ISI downgraded the stock to “underperform” from “in-line”. (Reporting by Arjun Panchadar and Shreyashi Sanyal in Bengaluru; Editing by Anil D’Silva)