Stock Futures Rise on China Data; Tesla Jumps

Posted by Bloomberg

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U.S. stock-index futures rose, indicating the Standard & Poor’s 500 Index will rebound from three days of losses, after U.S. jobless claims fell in July and China’s trade data rose more than estimated last month.

Tesla Motors Inc. surged 14 percent after reporting second-quarter results that surpassed analysts’ estimates. Groupon Inc. jumped 26 percent after the daily-deals company appointed a new chief executive officer and reported a smaller-than-projected loss. McDonald’s Corp. jumped 0.9 percent after same-store sales topped analysts’ estimates as new wraps and breakfast food attracted U.S. diners.

Futures on the S&P 500 expiring in September rose 0.3 percent to 1,693.90 at 8:37 a.m. in New York. Contracts on the Dow Jones Industrial Average increased 55 points, or 0.4 percent, to 15,497 today.

Today’s data “could be a sign that we see some stabilization in Chinese activity,” said Patrick Moonen, who helps oversee $244 billion as senior strategist at ING Investment Management in The Hague. “I don’t think the U.S. equity market is only a matter of monetary policy. As the economy recovers, the earnings backdrop will become the most important element.”

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