U.S. stock index futures rose on Monday, the first trading day of December, as market participants monitored U.S.-China trade talks.
At around 7 a.m. ET, Dow Jones Industrial Average futures indicated a gain of more than 70 points at the open. Futures on the S&P 500 and Nasdaq 100 were both higher as well.
With those gains, Wall Street was set to build on a strong performance from November. The major averages had their biggest monthly gains since June, rallying to record highs. The S&P 500 climbed 3.4% last month while the Dow advanced 3.7%. The Nasdaq rallied 4.5%.
Monday's rise came despite Chinese state media reporting Sunday that Beijing wants a cancellation of tariffs for a phase one trade deal. There is no clear indication of when both countries will be able to sign an agreement and last week saw fresh tension between Washington and Beijing after President Donald Trump signed legislation supporting protesters in Hong Kong.
Trump also said Monday he will restore tariffs on metal imports from Brazil and Argentina. In a tweet, he said: "Brazil and Argentina have been presiding over a massive devaluation of their currencies. which is not good for our farmers. Therefore, effective immediately, I will restore the Tariffs on all Steel & Aluminum that is shipped into the U.S. from those countries."
Stock futures trimmed their gains after Trump's comment.
Trump noted in a separate tweet that "U.S. markets are up as much as 21%" since his first tariffs announcement on March 1, 2018, adding the U.S. is "taking in massive amounts of money."
On the data front, there will be new ISM manufacturing and construction spending figures are due out at 10 a.m. ET.
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December 02, 2019 at 02:33PM
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Stock futures rise to start December after big gains last month - CNBC
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