Good morning. * Stock futures are stronger * China's central bank took what was seen as small step toward defusing the yuan crisis * On Monday night, the U.S. Treasury called China a currency manipulator
In the early hours of Tuesday, Dow Jones Industrial Average futures YM00, +0.89% rose 0.4%, while S&P 500 futures ES00, +0.95% rose 0.43% and Nasdaq Composite futures NQ00, +1.15% gained 0.6%.
Those numbers were a huge improvement from lows earlier in the session, as Dow futures lost about 500 points at their low. Dow futures were last up about 30 points. Traders may have been buoyed after China’s central bank set the yuan’s reference point higher than expected early Tuesday, at 6.9683 yuan.
“A more market-friendly China fix provided the first signal that the [People’s Bank of China] is having a second thought about weaponizing the yuan. However, the fix is ambiguous enough to keep two-sided interest alive while still conveying a message to U.S. trade hawks that in no uncertain terms will China be a pushover if trade talks ever resume,” said Stephen Innes of VM Markets in Singapore.
On Monday, stocks had their worst day of the year, with the Dow shedding more than 767 points. The Dow DJIA, -2.90% ended the day down 2.9%, at 25,717.74 , while the S&P 500 SPX, -2.98% declined 87.31 points, or 3%, to close at 2,844.74. The Nasdaq Composite COMP, -3.47% shed 278.03 points to finish at 7,726.04, a decline of 3.5%.Late Monday, the U.S.
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