June 5, 2018 / 12:04 PM / 2 months ago

US STOCKS-Futures edge higher on technology boost

* Futures up: Dow 0.16 pct, S&P 0.15 pct, Nasdaq 0.23 pct

By Medha Singh

June 5 (Reuters) - U.S. stock index futures rose for a third day on Tuesday as record highs for the tech-heavy Nasdaq and a jump in Twitter shares, on its addition to the S&P 500, added to a dose of economic optimism since Friday’s job data.

A strong gain in tech stocks led by Apple and Microsoft boosted the broader sentiment and the tech-heavy Nasdaq to a record close on Monday.

Twitter gained 4.5 percent in premarket trading on the social network’s inclusion in the benchmark S&P 500 index.

Netflix, which is set to join the S&P 100, rose 0.6 percent.

A relentless rally of the stock markets in 2017, that sent the main U.S. indexes to record highs almost every other week, came to a halt in late January on issues ranging from rising interest rates, trade concerns to geopolitical issues.

However, strength in the U.S. economy, as shown by the latest jobs report has helped investors shift their focus back to fundamentals.

ISM’s non-manufacturing PMI data for May, due at 10:00 am ET, is expected to have increased to 57.5 from a prior reading of 56.8.

Mexico is set to impose a 20 percent tariff on U.S. pork imports, sources told Reuters, in response to U.S. President Donald Trump’s tariffs on steel and aluminum levied last week.

Later this week Canada plays host to the G7 summit with six of the seven members outraged at the United States over a slew of recent moves by President Donald Trump.

At 7:14 a.m. ET, Dow e-minis were up 40 points, or 0.16 percent. S&P 500 e-minis were up 4.25 points, or 0.15 percent and Nasdaq 100 e-minis were up 16.5 points, or 0.23 percent.

Starbucks fell 1.3 percent after Executive Chairman Howard Schultz, who built the coffee chain into a global powerhouse, decided to step away.

Mylan rose 4.5 percent after U.S. health regulators approved its biosimilar to Amgen Inc’s blockbuster drug, Neulasta.

Navistar jumped 9.5 percent as robust demand for its trucks helped the company raise its full-year revenue and deliveries forecast. (Reporting by Medha Singh in Bengaluru; Editing by Shounak Dasgupta)

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