Stock futures rise on trade deal hopes, S&P 500 poised for record high: Live updates

Stock futures rose Friday, with the S&P 500 just a whisker away from its all-time high, as hope for a U.S.-China trade deal grew and traders awaited fresh U.S. inflation data.

S&P 500 futures climbed 0.2% along with those tied to the Dow Jones Industrial Average. Nasdaq-100 futures advanced 0.3%.

Commerce Secretary Howard Lutnick told Bloomberg news that a deal between China and the U.S. on trade had been finalized. Lutnick added that the Trump administration expects to reach deals with 10 major trading partners imminently.

China's Ministry of Commerce also said Friday that the two countries had confirmed a trade framework that would allow the export of rare earths to the U.S. and ease tech restrictions.

The S&P 500 is on the verge of completing a stunning comeback from the closing lows set in April. Markets were in turmoil during the spring as investors feared President Donald Trump's tariffs would hurt corporate earnings and tip the economy into a recession.

However, the benchmark recovered and is up 23.3% since reaching a nadir on April 8. The index also sits just 0.1% below its all-time intraday high of 6,147.76.

“The markets were in a sense of stasis,” said Rick Rieder, BlackRock's chief investment officer for global fixed income, on CNBC's “Closing Bell.” “There is so much money that wants to come into the market that didn't for a while. And I just think if you don't have any negative news, the natural gravitational pull is across all these assets.”

To be sure, investors have new inflation figures to contend with before the S&P 500 can complete its stunning rebound.

The May reading of personal consumption expenditures price index is due at 8:30 a.m. ET. Economists polled by Dow Jones expect the index to tick 0.1% higher on the month and 2.3% from a year ago. So-called core PCE is slated to rise 0.1% from April and 2.6% from 12 months earlier.

Asia-Pacific markets mostly lower as investors assess China industrial data

Asia-Pacific markets traded mixed Friday as investors assessed China's May industrial data. The country's industrial profits fell 9.1% year on year in the first five months of the year, according to the National Bureau of Statistics.

Japan's benchmark Nikkei 225 climbed 1.43% to end the day at 40,150.79, after crossing the 40,000 mark for the first time since Jan. 7 earlier in the day. Meanwhile, the broader Topix index advanced 1.28% to 2,840.54.

In South Korea, the Kospi index ended the day 0.77% lower at 3,055.94, while the small-cap Kosdaq dropped by 0.81% to 781.56.

Hong Kong's Hang Seng Index closed 0.17% lower at 24,284.15 and mainland China's CSI 300 index were down 0.61% at 3,921.76.

Over in Australia, the S&P/ASX 200 benchmark ended the day 0.43% lower at 8,514.20.

India's benchmark Nifty 50 had moved up 0.32% while the BSE Sensex was up 0.29% at 11.15 a.m. Indian Standard Time.

Trump trade deadlines in July ‘not critical’: White House

President Donald Trumpcould extend looming deadlines for reimposing steep tariffs on imports from most of the world's countries, the White House said Thursday.

Trump's July 8 and 9 deadlines for restarting tariffs on those nations are “not critical,” White House Press Secretary Karoline Leavitt told reporters.

“Perhaps it could be extended, but that's a decision for the president to make,” Leavitt said.

Leavitt also said Thursday that if any of those countries refuse to make a trade deal with the United States by the deadlines, “The president can simply provide these countries with a deal.”

In late May, Trump threatened to impose tariffs of 50% on imports from European Union nations, all of whom had already been subject to the reciprocal tariffs imposed in April.

Read more here.

—

See the stocks moving after hours

These rare some of the stocks making notable moves after hours:

• Nike — The athletic retailer fell 2%. While Nike beat expectations on the top and bottom lines in the fiscal fourth quarter, the company said sales dropped 12% from the same period a year prior.
• CorMedix — The biopharmaceutical stock tumbled 10% after announcing a common stock offering of $85 million. The offering is being done through RBC Capital Markets.

Stock futures are little changed

Futures tied to the Dow, S&P 500 and Nasdaq 100 all sat near flat shortly after 6 p.m. ET.