Stock futures have jumped as a first-in-seven-month phone conversation between President Joe Biden and China’s Xi Jinping provided modest comfort to investors, while a surge in crude prices looked set to boost energy shares.
S&P 500 and Dow Jones Industrial Average futures were both about 0.5% higher after retreating for four days in row. Nasdaq Composite futures advanced 0.4% after two days in decline.
Meanwhile, a jump in crude prices on signs of tight US supply looked set to boost energy shares. Brent futures for November delivery gained over 2% to $72.93 per barrel, while WTI surged 2.38% to $69.76 per barrel.
The energy sector was the top gainer, with Exxon Mobil, Occidental Petroleum, Chevron, and Halliburton rising between 1.1% and 2.0%.
Also on rt.com S&P 500 passes historic mark of 4,500 points after US Fed Chair Powell’s speechThe latest phone call between US President Joe Biden and Chinese leader Xi Jinping boosted sentiment, raising hopes for a thaw in ties between the world’s two biggest economies.
Meanwhile, the data released on Friday showed that the producer price index soared 0.7% last month, and jumped by 8.3% through August – the biggest year-on-year growth in 11 years, after pushing up by 7.8% in July.
High inflation will likely persist for a while, with supply chains remaining tight, as the Covid-19 pandemic drags on.
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