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<br>By Shreyashi Sanyal<br> <br>Dec 5 (Reuters) – U.S.
stocks looked set to open higher on Thursday on brighter hopes of a preliminary trade deal between the United States and China.<br> <br>Headlines around trade suggested the world’s two largest economies were closer to agreeing how many tariffs would be rolled back in a “phase one” trade deal, while President Donald Trump said talks with China were going “very well”.<br> <br>Wall Street’s main indexes snapped a three-day losing streak in the previous session on growing expectations of a trade deal, putting the benchmark S&P 500 index just 1% away from an all-time high hit last week.<br> <br>”There doesn’t seem to be any increased negative talk about China so I guess the absence of that is allowing markets to drift higher,” said Kim Forrest, kontol gede chief investment officer at Bokeh Capital Partners in Pittsburgh.<br> <br>”In fact, it feels like both sides understand that reducing some of the tariffs is what needs to happen.”<br> <br>However, if no agreement is reached soon, more tariffs on Chinese goods will kick in from Dec.15.<br> <br>Shares of tariff-sensitive semiconductor companies looked set to rise for the second straight day, with Micron Technology Inc, Advanced Micro Devices Inc and Nvidia Corp gaining about 1% each in premarket trading.<br> <br>At 8:40 a.m. ET, Dow e-minis were up 79 points, or 0.29%.
S&P 500 e-minis were up 8 points, or 0.26% and Nasdaq 100 e-minis were up 29.75 points, or 0.36%.<br> <br>Investors also seemed to shrug off Wednesday’s lackluster readings on domestic services sector activity and private payrolls growth as they await the Labor Department’s non-farm payrolls data due Friday.
U.S. trade deficit dropped to its lowest level in nearly 1-1/2 years in October, data showed on Thursday.<br> <br>Among stocks, Dollar General Corp gained about 2.7% after the discount store chain raised its full-year profit forecast.<br> <br>Nike Inc shares climbed 2% after a report said Goldman Sachs upgraded the sportswear maker’s stock to “buy” from “neutral”.<br> <br>Kroger Co dropped 2% as the supermarket chain reported a 17% fall in quarterly profit.
(Reporting by Shreyashi Sanyal and Arjun Panchadar in Bengaluru; Editing by Arun Koyyur and Saumyadeb Chakrabarty)<br>
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