U.S. stock futures trended higher on Monday morning, as investors focused on the latest earnings reports. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 Index (SPX) were up 0.38%, 0.17%, and 0.28%, respectively, at 8:28 a.m. ET on October 20.
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Today’s movement builds on a bullish run Friday, which saw the Nasdaq, Dow Jones, and S&P 500 end the trading week on a positive note. This was fueled by planned meetings between China and U.S. representatives for trade negotiations. To go along with that, President Donald Trump said that he expected to meet with China President Xi Jinping near the end of October. This could affect President Trump’s plan to add a 100% tariff to Chinese imports on November 1.
Turning to trending stocks, Cleveland-Cliffs (CLF) stock was up 9% in pre-market trading, even after the North American steel producer missed Q3 estimates. Tesla (TSLA) stock also gained today after Ark Invest CEO Cathie Wood said she expects Elon Musk’s massive pay plan vote to pass in November. Additionally, Beyond Meat (BYND) stock underwent a massive rally in what appears to be a short squeeze of the company’s shares.
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