June 4, 2018 / 1:12 PM / in 17 days

US STOCKS-Bullish jobs numbers keep Wall St on the up

* Merck gains on latest cancer drug data

* Whirlpool rises as Credit Suisse upgrades to “buy”

* Futures up: Dow 0.55 pct, S&P 0.33 pct, Nasdaq 0.34 pct (Adds quote, adds details, updates prices)

By Medha Singh

June 4 (Reuters) - Wall Street eyed a higher open on Monday as stronger-than-expected U.S. jobs data for May drove global stock markets up across the board for a second day.

The S&P 500 closed up more than 1 percent on Friday after jobs and wage growth for May both beat expectations, with the unemployment rate falling to an 18-year low.

Concerns that bullish economic numbers will lead to faster rises in interest rates and relatively lower future growth have sent U.S. stocks on a tailspin on several occasions this year. But investors said they did not find Friday’s data concerning.

“We’re seeing continued enthusiasm and a strong follow-through after Friday’s blockbuster numbers which bolsters the argument that the future is looking very bright,” Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, New Jersey said.

At 8:48 a.m. ET, Dow e-minis were up 135 points, or 0.55 percent. S&P 500 e-minis were up 9 points, or 0.33 percent and Nasdaq 100 e-minis were up 24.25 points, or 0.34 percent.

The United States and China ended their latest round of trade negotiations on Sunday, with Commerce Secretary Wilbur Ross and his delegation leaving Beijing without making a public statement, and China making no mention of any new agreements.

China warned any tariffs and other trade measures implemented by Washington would derail any agreements between the two sides.

Finance leaders of the closest U.S. allies, on Saturday, vented anger over the Trump administration’s metal import tariffs, ending a three-day meeting with a stern rebuke of Washington and setting up a heated fight at a G7 summit that begins on Friday in Quebec.

Investors have been worried about a global trade war after the United States imposed 25 percent steel and 10 percent aluminum tariffs on Mexico, Canada and the European Union after temporary exemptions expired.

Among stocks, Merck rose about 1.8 percent after latest data showed the company’s cancer drug Keytruda improved survival as a stand-alone treatment for a type of lung cancer.

Whirlpool gained 2.6 percent after Credit Suisse upgraded the stock to “buy” as it expects higher demand and rising appliance cost to help offset higher input costs.

Facebook dipped 1.5 percent on a New York Times report that claimed the company had allowed Apple and other major device makers “deep” access to users’ personal data. However, the social networking company denied allegations saying any such links were tightly controlled and largely subject to users’ consent. (Reporting by Medha Singh in Bengaluru; Editing by Shounak Dasgupta)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below