U.S. stock futures were shooting higher Wednesday morning, pointing to about a 200-point rise at the open for the Dow Jones Industrial Average. The markets were seeing a turnaround on a report that China is open to a partial trade deal. The Dow sank 313 points Tuesday on pessimism over the posturing ahead of U.S.-China trade talks set to resume Thursday. On Wednesday afternoon, Wall Street turns its attention to Washington for the Federal Reserve's release of the minutes of its September meeting, which saw central bankers cut interest rates by a quarter-point for the second time this year. Market expectations for an October rate cut are 82.8%, according to the CME Group's FedWatch tool.
Ahead of the resumption of high-level U.S.-China trade talk in Washington on Thursday, Beijing "strongly urges" the U.S. to stay clear of the country's domestic issues, after the White House blacklisted a slew of Chinese companies due to alleged human rights violations against Muslim minorities in China's far-western region of Xinjiang. The Trump administration on Tuesday put visa restrictions on Chinese officials "who are believed to be responsible for, or complicit in, the detention and abuse" of Muslim minority groups.
Sen. Ted Cruz told CNBC on Wednesday that the NBA should not bow to pressure from China in the fallout over the Houston Rockets general manager's pro-Hong Kong protests tweet. The condemnation in China over Daryl Morey's now-deleted Friday tweet was swift, as Chinese partners with the NBA cut or suspended ties with the league. The NBA should not be an "arm of Chinese censorship" by being too apologetic, said Cruz. NBA commissioner Adam Silver arrives in Shanghai on Wednesday, after saying Tuesday that he supports Morey's right to free speech while expressing regret that Chinese partners were offended.
The White House has officially said it won't cooperate with House Democrats' impeachment inquiry into President Donald Trump, claiming the proceedings amount to "baseless, unconstitutional efforts to overturn the democratic process." Trump lawyers cite House Speaker Nancy Pelosi's failure to call for a full House vote to proceed with the inquiry, which focuses on Trump asking Ukraine's leader on a July 25 phone call to investigate the family of Democratic presidential candidate Joe Biden. Courts have been historically hesitant to step in as referee for congressional oversight and impeachment.
Bernie Sanders began reintroducing himself in the 2020 presidential race, venturing outside his Vermont home Tuesday to say that he does not plan on halting his bid for the Democratic presidential nomination following last week's heart attack. However, he said he's going to slow down. "I think we're going to change the nature of the campaign a bit," said the Vermont senator. "I'll make sure that I have the strength to do what I have to do." The Sanders campaign told CNBC last week the candidate plans to attend the next Democratic presidential debate next week in Ohio.
— Associated Press contributed to this report.