(Reuters) – U.S. stock index futures rose on Monday, bouncing back from a steep sell-off in the previous session, buoyed by easing oil prices and hopes of a robust sales in the holiday season.
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 23, 2018. REUTERS/Brendan McDermid
Shoppers snapped up deep discounts on Black Friday and Cyber Monday in the United States, giving retailers a strong start to their make-or-break holiday season.
Wall Street’s main indexes fell more than 3 percent last week, with the Dow and the Nasdaq posting their biggest weekly percentage declines since March, on plunging oil prices, worries about slowing global growth and peaking corporate earnings.
The S&P 500 fell 0.66 percent on Friday and closed 10.2 percent lower from its record closing high on Sept.20, confirming a correction for the second time in the year.
At 7:06 a.m. ET, Dow e-minis 1YMc1 were up 260 points, or 1.07 percent. S&P 500 e-minis ESc1 were up 31 points, or 1.18 percent and Nasdaq 100 e-minis NQc1 were up 104.5 points, or 1.6 percent.
Also on the forefront of investors minds is the G20 summit this week, where U.S. President Donald Trump and his Chinese counterpart Xi Jinping are expected to hold trade talks in Buenos Aires, Argentina.
Other members of the so-called FAANG group also rose, with shares of Facebook Inc (FB.O), Apple Inc (AAPL.O), Netflix Inc (NFLX.O) and Google-parent Alphabet (GOOGL.O) gaining between 1.6 percent and 2.3 percent.
Among other stocks, Nvidia Corp (NVDA.O) rose 2.7 percent after Credit Suisse initiated coverage on the chip designer’s shares with an “outperform” rating and said the recent weakness in shares provide a compelling entry point.
Smaller rival Advanced Micro Devices also gained 3.2 percent.
Reporting by Amy Caren Daniel in Bengaluru; Editing by Arun Koyyur