2 weeks ago
Stock Market

Stocks - U.S. Futures Rise Slightly as China Lowers Growth Forecasts

Investing.com - U.S. futures pointed to a slightly higher open on Tuesday, but investors remain cautious after China cut

Investing.com - U.S. futures pointed to a slightly higher open on Tuesday, but investors remain cautious after China cut its growth target for the year, as the impact of its trade war with the U.S. begins to cut into its economy.

China said it is targeting its gross domestic product growth of 6% to 6.5% in 2019, down from the 6.6% reported last year. The government has also cut taxes to stimulate growth among manufacturers and increase infrastructure investment.

The news comes just a day after reports that Washington and Beijing are close to reaching a trade deal.

The S&P 500 futures rose 3 points or 0.14% as of 6:40 AM ET (11:40 GMT) while Dow futures gained 36 points or 0.14% and tech-heavy Nasdaq 100 futures was up 10 points or 0.15%.

Target (NYSE:TGT) jumped 3.28% in premarket trading after the retailer said comparable sales rose more strongly than expected in the fourth quarter. In other financial results, Kohl's, Ross Stores (NASDAQ:ROST), and Urban Outfitters (NASDAQ:URBN) are expected to report later in the day.

Aurora Cannabis Inc (TO:ACB) recovered 2.7% after it fell on Monday amid news that it had completed a deal to buy a strategic asset of rival Cronos Group. Perrigo Co (NYSE:PRGO) rose 0.46% while Ctrip.Com International (NASDAQ:CTRP) was up 10.3% after it posted a 16% increased in net revenue during 2018.

Meanwhile, Salesforce.com (NYSE:CRM) was down 1.9% after its forecasts for the first-quarter were below estimates while Tesla (NASDAQ:TSLA) dipped 0.8%.

In economic data news, the ISM services sector data is released at 10:00 AM ET (15:00 GMT), along with figures on new home sales.

Federal Reserve speakers are also on tap, with Boston Fed President Eric Rosengren, Minneapolis Fed President Neel Kashkari and Richmond Fed President Thomas Barkin all set to speak throughout the day.

In commodities, gold futures slipped 0.13% to a five-week low of $1,285.85 a troy ounce, while crude oil was up 0.09% to $56.64 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was up 0.04% to 96.653.