U.S. stocks were set for another day in positive territory, heading towards solid weekly gains as traders geared up for a batch of prominent bank earnings and put the trade dispute between the U.S. and China on the back burner for now.
What are markets doing?Futures for the Dow Jones Industrial Average YMU8, +0.01% rose 66 points, or 0.3%, to 24,959, while those for the S&P 500 index ESU8, +0.01% climbed 4.75 points, or 0.2%, to 2,803.25. Futures for the Nasdaq-100 index NQU8, +0.07% added 23.50 points, or 0.3%, to 7,406.50.
The gains come after an upbeat session on Thursday, when the Nasdaq Composite Index COMP, +1.39% rallied 1.4% to score its first record close since June 20. The Dow DJIA, +0.91% and the S&P 500 both ended the session 0.9% higher.
As of Thursday’s close, all three benchmarks were set for solid weekly gains, with the S&P on track for a 1.4% advance, the Nasdaq eyeing a 1.8% rally and the Dow set for a 1.9% rise for the week.
What is driving the market?Traders appeared to be picking up where they left off on Thursday, when markets rallied on signs that Washington and Beijing are willing to resume trade talks, which could end in a bilateral agreement and avoid a trade war.
Trade was still in focus on Friday, but investors diverted their attention to the second-quarter earnings season that is due to kick off in earnest before the bell. Major banks JPMorgan Chase & Co. JPM, +0.43% , Citigroup Inc. C, +0.88% and Wells Fargo & Co. WFC, -0.07% are scheduled to report results, which could help set the tone for the reporting season.
Read: Bank earnings are expected to shine, but their stocks may not
On the political front, U.S. President Donald Trump was set to meet Britain’s Queen Elizabeth II on Friday. The president arrived in the U.K. on Thursday and in a bombshell interview with the Sun newspaper criticized British Prime Minister Theresa May. Trump said May’s plans for a “soft” Brexit would “kill” any potential trade deal between the U.S. and the U.K.
Crowds were gathering in London on Friday morning to hold protests, including a march and rally, against the president’s visit to the U.K.
Absolute scenes in Parliament Sq right now #Trumpbaby pic.twitter.com/bSikV46FFQ
— Elliot Wagland (@elliotwagland) July 13, 2018
