US pre-open: Stocks called to start higher with trade still in focus

US futures had stocks opening slightly higher on Monday as Washington and Beijing's "phase one" trade deal remained the focus of most traders.

As of 1230 GMT, Dow futures were up 0.17%, while S&P 500 and Nasdaq-100 futures were ahead 0.36% and 0.42%, respectively.

The Dow closed just 3.33 higher on Friday after Washington and Beijing reached a deal to avoid fresh punitive tariffs planned by the Donald Trump administration.

The President said Beijing had agreed to "massive" purchases of US agricultural and other goods but did not give a specific number - leaving market participants cautious moving into the new week.

Also weighing on sentiment, Senior Chinese diplomat Wang Yi said on Friday that the United States had seriously damaged the hard-won mutual trust between the countries by criticising Beijing over issues such as Hong Kong and the treatment of Muslim Uighurs.

"Such behaviour is almost paranoid, and is indeed rare in international exchanges, seriously damaging the hard-won foundation of mutual trust between China and the United States, and seriously weakening the United States' international credibility," said Wang.

However, despite Wang's comments adding to investor trepidation, US Trade Representative Robert Lighthizer assured that the deal was "totally done".

On the data front, December's Empire State manufacturing index will be published at 1330 GMT, with IHS Markit's services, manufacturing and composite PMIs set to follow at 1445 GMT.

The National Association of Home Builders' housing market index for December will also be released at 1500 GMT.

In corporate news, shares in Boeing were weighing on the Dow ahead of the bell after the Wall Street Journal stated the aeronautical giant could cut or suspend production of its embattled 737 Max aircraft as soon as Monday.