June 18, 2019 / 11:51 AM / 3 months ago

US STOCKS-Futures rise on hopes of accommodative Fed

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* Futures up: Dow 0.41%, S&P 0.46%, Nasdaq 0.83%

By Shreyashi Sanyal

June 18 (Reuters) - U.S. stock index futures rose on Tuesday, as more dovish calls from the European Central Bank fueled expectations of a similar accommodative stance from the Federal Reserve.

The U.S. central bank is expected to leave interest rates unchanged at its two-day policy meeting starting Tuesday, but is widely seen as laying the foundation for a rate cut later this year.

The Fed’s statement at 2 p.m. EDT (1800 GMT) on Wednesday will likely provide insight into the impact of the U.S.-China trade war, President Donald Trump’s calls for a rate cut and weaker economic data on monetary policy.

Adding to sentiment were ECB President Mario Draghi’s comments indicating a possibility of new rate cuts or asset purchases.

At 7:24 a.m. ET, Dow e-minis were up 106 points, or 0.41%. S&P 500 e-minis were up 13.25 points, or 0.46% and Nasdaq 100 e-minis were up 62.75 points, or 0.83%.

Investors also braced for the Group of 20 summit at the end of the month, which may yield progress on resolving the prolonged trade war between the United States and China.

Large-cap volatile favorites such as Facebook, Apple , Amazon, Microsoft and Netflix were set to extend gains.

Facebook Inc climbed 1.5% premarket after it revealed plans to launch a cryptocurrency called Libra, the latest development in its effort to expand beyond social networking and move into e-commerce and global payments.

General Electric inched up 0.6% as the industrial conglomerate’s joint venture CFM International received an order for jet engines worth $2 billion at list prices, a day after Indian airline IndiGo placed a $20 billion order for CFM’s engines. (Reporting by Shreyashi Sanyal in Bengaluru; Editing by Sriraj Kalluvila)

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