Stocks Opened Higher amid Fresh Trade Optimism

U.S. stocks opened higher on Tuesday amid more positive sentiment surrounding future trade relations. The Dow Jones Industrial Average lately advanced 222.11 points, or 0.89%, to 25,041.89. The S&P 500 rose 21.61 points, or 0.79%, to 2,766.06. The Nasdaq Composite was up 61.97 points, or 0.85%, to 7,394.99.

Oil futures on Wednesday risked a fifth straight drop and a plunge into bear-market territory after reaching the lowest settlement price in more than three months Tuesday. West Texas Intermediate crude for July delivery was down 53 cents, or nearly 1%, at $52.73 a barrel. August Brent lost 71 cents, or 1.2%, to $60.57 a barrel.

With Fed Chairman Jerome Powell set to speak this morning in Chicago, CME Group futures prices continue to suggest at least a 50/50 chance of a July rate cut, with two more easing moves priced in between now and the end of the year.

China’s Commerce Ministry also said trade differences between the world’s two biggest economies should be resolved through dialogue, comments that suggested a softening of the country’s more bellicose stance from last week.