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Stock market live updates: Futures higher, winning week, reopen trades rising

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Traders wear masks as they work on the floor of the New York Stock Exchange as the outbreak of the coronavirus disease (COVID-19) continues New York, May 27, 2020.

Lucas Jackson | Reuters

This is a live blog. Check back for updates.

7:48 am: China reportedly to step up U.S. farm goods buying

China plans to increase purchases of U.S. agriculture products to comply with the phase one trade deal the two countries reached in January, Bloomberg News reported, citing two people familiar with the matter. The Chinese government is set to meet the trade agreement with increased buying of soybeans, corn and ethanol after the coronavirus pandemic disrupted the planned purchases, Bloomberg News said. The market cheered the news as tensions between the two nations had risen recently due to the handling of the virus. President Donald Trump had also threatened to walk away from the trade deal, saying Thursday that “a complete decoupling from China” remained an option. –Li

7:44 am: Reopening trades higher in premarket trading

Shares of companies whose success hinges on the reopening of the economy — airlines, cruiselines and retailers — ticked higher on Friday before the opening bell. Shares of Delta Air Lines rose 1.8% and American Airlines jumped 2.5% in premarket trading. United Airlines and Southwest rose 2.3% and 1.3%, respectively. Cruise operators also rose with Carnival up 1.8% in premarket trading. Norwegian Cruise Line and Royal Caribbean rose 3% and 2.3%, respectively. Retailers also got a boost on Friday. Macy’s rose 2.3% and Nordstrom jumped 2.6%. Gap was up 1.5% in the premarket and Kohl’s ticked 2.5% higher. – Fitzgerald

7:43 am: Penn says it’s resumed operations at more than 70% of properties

Penn National Gaming said in a press release Friday that 30 of its 41 gaming and racing properties have resumed normal operations, representing more than 70% of the company’s regional gaming portfolio. The racetrack and casino operator said the latest openings will occur Friday at its four Ohio properties and in Pennsylvania at the Hollywood Casino at Penn National Race Course. Shares gained 3.4% in premarket trading. — Franck

7:27 am: Stocks set to rally at the open

U.S. stock index futures pointed to gains across the board at the opening bell on Friday. The Dow Jones Industrial Average was set to jump 183 points for a gain of 0.7%. The S&P 500 was poised to rally 0.6%, with the Nasdaq Composite up 0.6%. The major averages are on track to finish the week higher for their fourth weekly gain in the last five weeks. States continuing to reopen their economies have boosted stocks, although risks, namely a rising number of Covid-19 cases in states that have begun to ease restrictions, remain in the market. – Stevens

CNBC’s Yun Li contributed reporting.

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