Dow could hit a 7th day of gains as US delays China tariffs
If the Dow ends today in the green, it will have risen for seven days in a row, its longest winning streak since early May.
The Dow could hit a seventh day of gains in a row Thursday, as stocks are mostly higher after the United States said it would delay some tariffs on Chinese imports.
All three major indexes opened higher, although the Dow slipped into modestly negative territory in the first minutes of trading. The index is down 20 points, or 0.1%.
The S&P 500 is up 0.1%. The Nasdaq Composite trades 0.2% higher.
If the Dow ends today in the green, it will have risen for seven days in a row, its longest winning streak since early May, according to Refinitiv.
The supportive sentiment was sparked by some apparently conciliatory developments on the trade front.
Late Wednesday, President Donald Trump tweeted that "as a gesture of goodwill" the United States would delay a tariff increase on $250 billion of goods from China that would have taken levies from 25% to 30% from October 1 to October 15.
Earlier Wednesday, China waived import tariffs on some US goods.
In Europe, the European Central Bank cut its deposit rate to -0.5% from -0.4%, and restarted its quantitative easing program with monthly 20 billion purchases starting November 1.
"Overall, markets are disappointed with the ECB's action, but that could be changed if the ECB commits to buying corporate bonds," said Edward Moya, senior market analyst at Oanda.
Market participants will now turn their attention to next week's Federal Reserve meeting, at which a quarter percentage point interest rate cut is expected with an 89% chance, according to the CME's FedWatch tool.
The euro briefly bounced higher after the ECB decision before falling into negative territory.
On the economic data front, consumer price inflation for August came in just below expectations at 1.7%, compared with the 1.8% consensus forecast. Core inflation stood at 2.4%, versus 2.3% expected.
The lower headline number could give the Fed more reason to cut rates next week. At the same time, the core inflation number is the highest since July last year, when the Fed was still raising rates, according to the Bureau of Labor Statistics.
Jobless claims for the week ended September 7 came in at 204,000, slightly below expectations.