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Stocks set to rise after back-to-back losses as June rally resumes



U.S. After Wall Street suffered back-to-back losses, 7:15 am.m. ET, Dow Jones Industrial Average futures indicated a gain of 91 points at the open. Futures on the S&P 500 and Nasdaq 100 also rose.

Chipmakers rebounded after posting sharp losses in the previous session, boosting tech shares in the premarket. The VanEck Vectors Semiconductor ETF (SMH) climbed 0.6% before the bell. Applied Materials and Advanced Micro Devices both rose 1% while Micron Technology advanced 0.5%. Apple shares also rose 0.6%.

The major indexes posted small unloaded in the previous two sessions as a rally to start off June took a break. The major indexes were up to 4% in month, however, after sharp sharpening in May.

Still, lingering trade tensions kept investors on edge. Washington and Beijing have applied tariffs on billions of dollars worth of one another's goods since the start of 201

8, battering financial markets and sourcing business and consumer sentiment.

Expectations that trade officials from the U.S. and China will clinch a deal on the sidelines of a G-20 meeting in Osaka on June 28-29 have been fading in recent days.

President Donald Trump, who has said he has plans to meet with Chinese President Xi Jinping later this month, has repeatedly been threatened to escalate and already months-long trade was by putting tariffs on almost all of the remaining Chinese imports that are not already affected by US charges. Trump also declined to deadline on levying tariffs on another $ 325 billion of Chinese goods.

Oil prices, meanwhile, got a boost amid reports of a tanker incident in the Gulf of Oman. U.S. crude prices traded 3.4% higher at $ 52.86 per barrel. The jump comes in after oil slipped to its lowest level in five months. crude stockpiles and concerns about lower demand growth.

The move higher in oil boosted energy shares. The Energy Select Sector SPDR Fund (XLE) jumped more than 1% in the premarket. Devon Energy and Marathon Oil were the best performers within the fund, rising more than 2% each.

On the data front, import prices for May and the latest weekly jobless claims figures will both be released at around 8:30 am.m. ET.


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