US pre-open: Futures point to small gains with trade still firmly in focus

US stock futures were pointing to a slightly positive open, with a flat start for the Dow but some bigger gains for the S&P 500 and Nasdaq Composite as market focus remained largely attuned to global trade developments.

As of 1225 GMT, Dow futures were ahead 0.03%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.10% and 0.20% firmer, respectively.

The Dow closed 55.21 points higher and hit another all-time high on Tuesday following news of further trade consultations between officials in Washington and Beijing.

And investors were expected to be mostly focussed on global trade developments yet again on Wednesday, after Donald Trump said during the previous session that US and Chinese negotiators were close to reaching an initial trade deal.

Trump's comments on trade came after a phone call between officials from Washington and Beijing earlier on Tuesday, with both parties having reportedly agreed to keep working on remaining issues.

CMC Markets analyst David Madden said: "Trade optimism has lifted stocks this morning. Yesterday, President Trump claimed the talks are in the 'final throes', hence why traders are bullish.

"The back and forth of the trade discussions has been at the forefront of traders' minds recently. Equity markets are posting gains, but the upside moves aren't massive as dealers are mindful that things still could fall apart. The breakdown in trade talks in June hasn't been forgotten by traders."

On the data front, durable goods orders for October and weekly jobless claims figures will be released at 1330 GMT.

The Chicago Purchasing Managers' Index for November and pending home sales for October will follow at 1445 GMT and 1500 GMT, respectively.

Lastly, the Federal Reserve's Summary of Commentary on Current Economic Conditions will be published at 1900 GMT.

In corporate news, heavy machinery manufacturer Deere will publish earnings.