Global stocks regained ground Monday following a rough ride last week. Dow futures surged nearly 300 points and Nasdaq-100 futures also indicated a strong start for Wall Street when U.S. markets open later, with a rebound in oil prices providing some fresh optimism to begin the week.
Where are markets trading now?
Dow Jones Industrial Average futures
jumped 270 points, or 1.1%, to 24,528, while S&P 500 index futures
surged 32 points, or 1.2%, to 2,661.75. Nasdaq-100
rallied 112 points, or 1.7%, to 6,442.75.
On Friday, the Dow Jones Industrial Average
fell 178.74 points, or 0.7%, to 24,285.95, the S&P 500 index
off 17.37 points, or 0.7%, at 2,632.56, while the Nasdaq Composite Index
retreated 33.27 points to 6,938.98, a decline of 0.5%.
Last week, the Nasdaq tumbled 4.3%, the Dow ended the week 4.4% lower, while the S&P 500 notched a week-on-week decline of 3.8%. It marked the worst Thanksgiving week since 2011 for all three U.S. indexes.
What’s driving stocks?
Losses for oil prices helped drive stocks lower last week, and the reverse was true for Monday. After losing 7.7% in Friday’s session alone, U.S. crude futures
rose 1.6% to $51.20 a barrel, while Brent crude
jumped 2% to $60.01 on Monday.
In Europe, reports of a meeting between Prime Minister Giuseppe Conte and European Commission President Jean-Claude Juncker that could mean an end to a budget standoff between Italy and the EU has provided support for Europe stocks. U.K. Prime Minister Theresa May also walked away from an EU meeting with approval for her Brexit deal.
Shares of Amazon.com Inc.
were up over 2% in thin premarket trade amid forecasts Cyber Monday holiday shopping is expected to generate $7.8 billion in sales this year, a gain of 18% on the previous year, making for the biggest online shopping day in the U.S. ever, according to Adobe Analytics.
While foot traffic to major retailers was down during Thanksgiving and Black Friday, internet sales for the period surged 26.4% from a year earlier to $12.3 billion.
Providing critical information for the U.S. trading day. Subscribe to MarketWatch’s free Need to Know newsletter. Sign up here.