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* Futures up: Dow 0.49%, S&P 0.50%, Nasdaq 0.51%
By Akanksha Rana
Aug 30 (Reuters) - U.S. stocks index futures rose on Friday, as investors took comfort from signals that the United States and China will resume trade talks.
Wall Street’s main indexes are on track to wrap up the week with the biggest gains since June after coming under immense selling pressure for much of the month due to escalating trade tensions and fears of a looming recession.
The benchmark S&P 500 index is has fallen 3.4% from its record high hit in late July. Markets will be shut for the Labor Day holiday on Monday.
China’s Foreign Ministry said trade negotiating teams from Washington and Beijing are maintaining effective communication, a day after both sides discussed the next round of in-person negotiations in September.
Shares of trade-sensitive companies including Apple Inc and Caterpillar Inc were up nearly 1% in premarket trading.
Investors are also bracing for a new round of U.S. tariffs on some Chinese goods that would come into effect on Sunday.
A report from the Commerce Department due at 08:30 am ET (1230 GMT) is expected to show that personal consumption expenditure (PCE) index gained 0.5% in July after a 0.3% rise in the month before.
The core PCE data, the Federal Reserve’s preferred measure of inflation, is expected to be unchanged for the month.
The inflation report will be followed by the monthly jobs report and manufacturing data next week that would offer more clarity on the chances of another interest rate cut.
At 7:31 a.m. ET, the Dow e-minis were up 128 points, or 0.49%. The S&P 500 e-minis were up 14.5 points, or 0.5% and the Nasdaq 100 e-minis were up 39.5 points, or 0.51%.
Ulta Beauty Inc lost a quarter of its value and was the biggest loser among the S&P 500 stocks after the cosmetics company cut its full-year profit forecast.
Dell Technologies Inc jumped 9.7% as the PC maker beat analysts’ estimates for profit, aided by higher demand for desktops as well as a focus on more profitable contracts within its server unit in China.
Shares of Marvell Technology Group Ltd fell 5% after it forecast third-quarter revenue below estimates, as a ban on selling components to Chinese telecommunications giant Huawei Technologies Co Ltd hurt the U.S. chipmaker. (Reporting by Akanksha Rana and Shreyashi Sanyal in Bengaluru; Editing by Anil D’Silva)