Stock market news live: Stock futures jump after China announces plans to cut tariffs on $75 billion in US goods

U.S. stock futures looked to shake off fears of the coronavirus for another session, chasing European and Asian equities higher during the pre-market session.

7:52 a.m. ET: Twitter’s stock jumps 8% in early trading after topping 4Q sales, user growth expectations

Twitter (TWTR) posted fourth-quarter revenue and user growth that exceeded consensus expectations, driven by a jump in ad sales from the company’s home market. Fourth-quarter earnings and guidance for the current quarter, however, were short of consensus estimates.

Here were the main metrics from the report, compared to consensus estimates compiled by Bloomberg:

  • Revenue: $1.01 billion vs. $994.5 million expected

  • Adjusted earnings per share: 17 cents vs. 28 cents expected

  • Average monetizable daily active users: 152 million vs. 148.1 million expected

Twitter’s average monetizable daily active users (mDAU) jumped 21% in the fourth quarter, more than doubling the 9.6% gain in mDAU the company posted in the same quarter last year. For the last three months of 2019, U.S. mDAU grew 15% to 31 million, while international mDAU grew 22% to 99 million.


7:51 a.m. ET: Yum Brands posts mixed 4Q results

Yum Brands (YUM), the parent company of fast food restaurants including Taco Bell, posted fourth-quarter earnings that missed expectations and disappointing sales at its Pizza Hut chain. Shares were down more than 2% to $104.49 each during the pre-market session.

Here were the main metrics from the report:

  • Revenue: $1.69 billion vs. $1.65 billion expected

  • Adj. earnings per share: $1.00 vs. $1.13 expected

  • Worldwide same-store sales: +2.0% vs. +2.1% expected

  • KFC same-store sales: +3% vs. +2.9% expected

  • Taco Bell same-store sales: +4% vs. +3.1% expected

  • Pizza Hut same-store sales: -2% vs. 0% expected


7:45 a.m. ET: Stock futures point to fourth straight session of gains after China announces reciprocal tariff reduction

Contracts on each of the S&P 500, Dow and Nasdaq were on track for a fourth consecutive day of gains, wiping away last week’s declines driven by fears over the coronavirus outbreak.

A statement from China’s Ministry of Finance asserting that the country would halve tariffs on about $75 billion worth of U.S. imports on Feb. 14 also helped boost sentiment. On the same date, the U.S. is also due to lower tariffs on Chinese imports, as part of the previously agreed-upon phase one trade deal between the two countries.

China’s tariff reduction will lower the rate on some tariffs to 5% from 10% previously, and others from 2.5% from 5%.

Here were the main moves during the pre-market session, as of 7:45 a.m. ET:

  • S&P futures (ES=F): 3,347.00, up 12 points or 0.36%

  • Dow futures (YM=F): 29,356.00, up 115 points or 0.39%

  • Nasdaq futures (NQ=F): 9,424.50, up 43 points or 0.46%

  • Crude oil (CL=F): $51.19 per barrel, up $0.44 or 0.87%

  • Gold (GC=F): $1,568.30 per ounce, up $5.50 or 0.35%

NEW YORK, NY – FEBRUARY 04: Traders work on the floor of the New York Stock Exchange (NYSE) on on February 4, 2020 in New York City. The markets rebounded after a fall last week on coronavirus fears. (Photo by Eduardo Munoz Alvarez/Getty Images)

Follow Yahoo Finance on TwitterFacebookInstagramFlipboardLinkedIn, and reddit.

Find live stock market quotes and the latest business and finance news

Powered by WPeMatico