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Intel ( INTC ) up after report of Nvidia ( NVDA ), Broadcom ( AVGO ) collaboration
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Tesla up after Morgan Stanley reinstates stock as 'top
pick'
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Crypto stocks surge after Trump hints at new bitcoin
reserve
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February ISM manufacturing data due at 10 a.m. ET
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Futures up: Dow 0.45%, S&P 500 0.59%, Nasdaq 0.83%
(Updates with analyst comment)
By Johann M Cherian and Sukriti Gupta
March 3 (Reuters) - U.S. stock index futures rose on
Monday, ahead of a crucial deadline on tariffs on top trade
partners, while investors awaited a number of data reports to
gauge the health of the world's largest economy.
Recent reports of softening consumer demand have spurred
fears of a slowdown as markets prepare for higher inflation once
Donald Trump administration's tariff policies take full effect.
Wall Street's three main indexes logged their first monthly
decline of 2025 in February, with the Nasdaq coming close to a
10% drop from its all-time high, due to fears of sticky
inflation and other factors.
At 07:20 a.m. ET, Dow E-minis were up 197 points,
or 0.45%, S&P 500 E-minis were up 35.25 points, or
0.59%, and Nasdaq 100 E-minis were up 172.75 points, or
0.83%.
Although, the Federal Reserve has left interest rates on
hold since December, this week's economic data, particularly
Friday's non-farm payrolls report, could change the
institution's outlook.
A survey from the Institute for Supply Management's (ISM)
survey, due at 10 a.m. ET, is expected to show that
manufacturing activity stood in expansion territory at 50.8 in
February.
Investors will also focus on other crucial data on services
activity and employment, lined up through the week.
"The U.S. calendar will also be watched closely this week,
as some soft data recently dented the notion of U.S.
exceptionalism," analysts at ING Economics said in a note.
"We expect ISM surveys to reaffirm that the U.S. has started
the year on a soft tone."
Traders have dialed up bets on the Fed's 2025 monetary
policy easing cycle, with futures pointing to at least two 25
basis points worth of interest rate cuts by December, according
to data compiled by LSEG.
St. Louis Fed President Alberto Musalem, a Federal Open
Market Committee voting member, is scheduled to speak later in
the day, while Fed Chair Jerome Powell's remarks are due on
Friday.
Investors are also uncertain about tariffs, ahead of Trump's
Tuesday deadline, that will end the one-month pause on 25%
tariffs he imposed on imports from Canada and Mexico.
Commerce Secretary Howard Lutnick's comments sparked
expectations that the levels of the duties might be different
this time.
Trump has also threatened that an extra 10% duty on imports
from China will also take effect on Tuesday, against which a
report said Beijing is likely to retaliate with counter-measures
on agricultural imports from the U.S.
U.S-listed shares of Chinese companies fell following the
report, with Nio down 3.4% and JD.com off 1.9% in
premarket trading.
Tesla rose 3.5% after Morgan Stanley reinstated the
stock as 'top pick' among U.S. autos.
Megacaps such as Alphabet and Amazon.com ( AMZN )
rose 0.9% each, while chip stocks such as Broadcom ( AVGO ) and
Advanced Micro Devices ( AMD ) added over 1.3% each.
Crypto stocks such as Microstrategy ( MSTR ) jumped 12.9%,
Coinbase rose 9.4% after Trump announced a proposed
reserve of digital assets, ahead of Friday's White House Crypto
Summit.
Chipmaker Intel rose 5.2% after a report that chip
designers Nvidia ( NVDA ) and Broadcom ( AVGO ) were running
manufacturing tests with the company.
(Reporting by Johann M Cherian in Bengaluru; Editing by
Shinjini Ganguli)