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Dow is set to open up triple digits on growing optimism over US-China trade talks

Futures point to slightly higher open

U.S. stock index futures pointed to a higher open on Friday morning as investors digested reports that the Trump administration could reduce tariffs imposed on China.

As of 7:20 a.m. ET, Dow Jones Industrial Average futures indicated a gain of more than 130 points. S&P 500 and Nasdaq 100 futures were also higher.

The stock market ended on a positive note on Thursday after the Wall Street Journal reported that the U.S. could ease trade tariffs against China. The suggestion reportedly came from Treasury Secretary Steven Mnuchin, but faced pushback from U.S. Trade Representative Robert Lighthizer.

Wall Street rallied on the news but pared some of those gains after a senior government official told CNBC that Mnuchin had not made any such recommendations.

Shares of Tesla were getting slammed in the premarket after CEO Elon Musk said the automaker is cutting its full-time staff headcount by about 7 percent, as it looks to ramp up production of its Model 3 sedans. (Read the full text of Musk's email to Tesla employees here.)

Money managers were also following U.S. politics as the government shutdown continues into its 28th day.

Meanwhile, with the earnings season in full swing, investors will be watching out for results from Schlumberger, State Street, and SunTrust.

In terms of economic data, there will be industrial production figures out at 9:15 a.m. ET and consumer sentiment numbers due at 10 a.m. ET.

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