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* Trump says China trade talks 'back on track'
* Chipmakers charge ahead in premarket trading
* Casino operators rise on higher Macau revenue
* Futures jump: Dow 1.02%, S&P 1.18%, Nasdaq 1.85% (Adds comment, updates prices)
By Shreyashi Sanyal
July 1 (Reuters) - The S&P 500 was on track to hit a record high at the open on Monday, fueled by a revival in trade talks between the United Stated and China and a reprieve to Chinese telecoms company Huawei.
The S&P 500 e-minis and the Dow e-minis hit record highs earlier, as risk appetite was boosted by the truce that was agreed to at the G20 summit.
U.S. President Donald Trump offered concessions including no new tariffs and an easing of restrictions on Huawei Technologies Co Ltd, while China agreed to make unspecified new purchases of U.S. farm products.
Twenty-nine of the 30 Dow components trading before the bell were higher and chipmakers with a sizable revenue exposure to China jumped.
Intel Corp, Advanced Micro Devices Inc and Micron Technology Inc gained between 3% and 5.3%.
"Any step towards a trade resolution, and it doesn't have to be a lot of progress - just a step, is viewed very positively by markets," said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.
"And investors at this point are trying to focus on the positive in hopes that there will be some trade resolution down the line."
Stocks saw their steepest sell-off this year in May after a breakdown in the U.S.-China trade negotiations sparked concerns of a global economic slowdown.
However expectations of a more accommodative Federal Reserve helped the S&P 500 and the blue-chip Dow Jones Industrial Average index post their best June performance in generations. The S&P 500 also scaled a record high on June 21.
As financial markets cheered the latest development in trade talks, traders scaled back on the probability of a half-point rate cut this month to around 15%, from nearer 50% a week ago.
At 8:35 a.m. ET, Dow e-minis were up 272 points, or 1.02%. S&P 500 e-minis were up 34.75 points, or 1.18% and Nasdaq 100 e-minis were up 142.25 points, or 1.85%.
Shares of the FAANG group - Facebook Inc, Apple Inc , Alphabet Inc, Netflix Inc and Amazon.com Inc - rose between 1.4% and 2.6%.
Technology stocks are Wall Street's top performers as 2019 hit half-way on optimism that the sector's earnings growth will outperform the rest of the economy over the next several years, despite recent turbulence.
A rise in oil prices lifted energy stocks. OPEC and its allies looked set to extend supply cuts until at least the end of 2019 at their meeting in Vienna this week.
Oil majors Exxon Mobil Corp and Chevron Corp rose about 1%.
Among other stocks, shares of MGM Resorts International , Wynn Resorts Ltd, Melco Resorts & Entertainment Ltd and Las Vegas Sands Corp climbed between 2% and 5.3% after gambling revenue in the Chinese territory of Macau rose more than expected in June.
The demand for riskier assets halted a recent rally in gold prices, which declined as much as 2%.
On the macro front, investors awaited U.S. June manufacturing activity data. This would follow factory activity surveys that have painted a downbeat picture across much of Europe and Asia in the previous month. (Reporting by Shreyashi Sanyal and Uday Sampath in Bengaluru; Editing by Sriraj Kalluvila)
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