Dow Futures 170 Pts Higher; PPI Data, Food Delivery Companies in Focus By Investing.com – Investing.com

Dow Futures 170 Pts Higher; PPI Data, Food Delivery Companies in Focus By Investing.com – Investing.com

© Reuters.

By Peter Nurse   

Investing.com - U.S. stocks are seen opening higher Friday, rebounding after recent weakness, but still seen posting weekly losses as investors fret about the ongoing Covid outbreak derailing the economic recovery.

At 7:05 AM ET (1105 GMT), the contract was up 170 points, or 0.5%, traded 20 points, or 0.4%, higher, while climbed 65  points, or 0.4%.

The major indices on Wall Street are set to close a holiday-shortened week with a positive tone, helped by the news that U.S. President Joe Biden and Chinese leader Xi Jinping held their first talks in seven months late Thursday, in an attempt to improve relations between the globe’s two economic superpowers.

However, these gains follow several days of selling, and all three averages are set to end the week in the red, amid concerns the violent rise in Covid-19 cases will stunt the country’s economic rebound.

The Federal Reserve said, in its latest , a survey of recent economic conditions, that the U.S. economy "downshifted slightly" in August. This comes with the market still searching for more clarity about when the central bank will begin tapering its bond-buying program.

Analysts at Deutsche