China trade comments boost Wall Street at open

Dow rises 350 points after China says it wants trade talks

US stocks rallied more than 1% on Thursday, buoyed by gains in the trade-sensitive technology and industrial sectors as China expressed hope on trade negotiations with the United States, easing concerns that rising tensions could stoke a recession.

The three main indexes opened higher, following data which showed strong USA consumer spending in July and signals from Washington and Beijing on Thursday, that they will resume trade talks, as the countries discussed the next round of in-person negotiations in September.

"We found the limits of how far both the USA and the Chinese side can push the trade issue until it actually starts to manifest itself in markets", Samana said.

Campbell Soup gained 3.9% after reporting quarterly profits that beat analysts' forecasts.

The S&P 500 posted 27 new 52-week highs and no new lows; the Nasdaq Composite recorded 40 new highs and 59 new lows.

While the S&P 500 registered its biggest weekly gain since June, August had its biggest monthly decline since May. The Nasdaq gave up an early gain, sliding 10.51 points, or 0.1%, to7,962.88.

Ulta Beauty Inc plunged 29.6 percent, its biggest drop ever, after the company reported weak results and cut its estimates.

While the major indexes have stemmed some of their losses from earlier this month, they remain down about 2% for the month with one trading day left in August.

Dow rises 350 points after China says it wants trade talks
Wall Street stalls to end weak August as China tariffs loom ahead of US holiday

The yield on the 10-year Treasury rose to 1.50% from 1.47% late Wednesday. So-called safety stocks including utilities, real estate and consumer staples - which are each up at least 1.8% apiece in August - are the only groups in the S&P 500 on pace to notch gains this month.

Bond prices initially fell Friday, pushing yields higher, but then lost momentum.

"The market believes that there will be some type of negotiation, but there is real danger this trade conflict is going to last, especially with the magnitude of September tariffs", added Brown.

Six of the 11 primary S&P 500 sectors traded lower around midday, with the consumer discretionary sector down 0.55 per cent, leading the laggards.

Some of the Trump administration's additional tariffs on Chinese products take effect Sunday and others on December 15.

Investors are also bracing for a new round of USA tariffs on some Chinese goods that would come into effect on Sunday. Meanwhile, shares of chip makers including Nvidia, Micron Technology and Applied Materials - which have been caught in the crosshairs of the trade battle - added at least 3% apiece. Wholesale gasoline fell 7 cents to $1.61 per gallon.

United States markets will be closed on Monday for the Labor Day holiday, which falls a day after President Donald Trump is due to jack up import duties on more than US$100 billion in Chinese imports, escalating his trade war with China.

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