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* Futures up: Dow 0.18%, S&P 0.23%, Nasdaq 0.19%
* U.S. consumer spending barely rises in August
* Wells Fargo rises in premarket on new CEO appointment
* Micron Tech falls on weak Q1 profit outlook (Adds comment, detail, updates numbers)
By Ambar Warrick and Medha Singh
Sept 27 (Reuters) - U.S. stock markets were set to gain on Friday but the S&P 500 and Nasdaq may still end a volatile week in the red as the shock of the launch of an impeachment investigation into President Donald Trump counters hopes of progress with China on trade.
Futures for all of Wall Street’s three main indices were up around 0.2%, with shares in U.S. banking major Wells Fargo & Co up 3.3% after it named a new chief executive while Facebook Inc, Netflix, and Amazon.com Inc all recovered some of this week’s losses.
Upbeat comments late on Thursday from China’s foreign minister Wang Yi helped halt losses as investors await a new round of trade talks between Washington and Beijing next month.
Yet analysts and traders say the volatility of the day to day messages from both sides in a conflict that dates back over a year has left investors with little faith that a full-scale resolution is in prospect any time soon.
“Could we get a positive headline on trade? Yes, but it will be optics at best,” said Peter Cecchini, chief market strategist at Cantor Fitzgerald in New York. “I don’t expect anything that happens before the elections to be a comprehensive deal.”
“Investors are generally ignoring a plethora of risks... One of the reasons they are willing to do that is foreign investors need a place to go and on a relative basis the United States is still sort of the best house in a bad global neighborhood.”
Markets this week have been particularly vulnerable to headlines on Sino-U.S. trade talks and political ructions in Washington, before the start of third quarter corporate earnings.
Futures were little changed after data showed U.S. consumer spending barely rose in August, suggesting that the economy’s main growth engine was slowing after accelerating sharply in the second quarter.
New orders for key U.S.-made capital goods also unexpectedly fell in August, but the so-called core PCE price index, the Fed’s preferred inflation measure, rose to 1.8% in August, the biggest rise in prices since January.
A University of Michigan survey on consumer sentiment is expected at 10:00 a.m. ET.
Micron Technology Inc tumbled 5.1% premarket as it forecast first-quarter profit below Wall Street targets, saying it was “mindful” of economic and trade uncertainty even though there were signs of an uptick in memory chip demand.
Other semiconductor companies Advanced Micro Devices Inc , Nvidia Corp dropped about 0.8% and 1.1%, respectively.
At 8:54 a.m. ET, Dow e-minis were up 48 points, or 0.18%. S&P 500 e-minis were up 7 points, or 0.23% and Nasdaq 100 e-minis were up 14.5 points, or 0.19%. (Reporting by Ambar Warrick in Bengaluru; editing by Patrick Graham)