U.S. stock futures rose on Monday in light holiday volume, helped by plans from the world’s number-two economy to lift some restrictions as it fights COVID more aggressively than the rest of the world.
What’s happening
While U.S. stock exchanges are closed in observance of Memorial Day, electronic futures trading continues.
- Futures on the Dow Jones Industrial Average YM00,
+0.31% rose 264 points, or 0.8% to 33422. - Futures on the S&P 500 ES00,
+0.60% gained 45 points, or 1.1%, to 4201. - Futures on the Nasdaq 100 NQ00,
+1.18% increased 194.25 points, or 1.5% to 12872.
On Friday, the Dow Jones Industrial Average DJIA,
What’s driving markets
Shanghai over the weekend said it would lift restrictions on businesses and offer tax rebates, and Beijing reopened some public transportation, signs of a loosening of the zero-COVID policies that have limited output in China.
“The easing is mainly an issue for domestic demand—Chinese exports continued to grow during the restrictions. However, some international companies produce in China for Chinese consumption, so the easing has relevance for some global equities,” said Paul Donovan, chief economist at UBS Global Wealth Management.
European-listed luxury producers that sell into China, including LVMH Moet Hennessy MC,
There’s a big slate of U.S. economic data on tap this week, including Wednesday’s release of the Institute for Supply Management manufacturing index, and Friday’s release of nonfarm payrolls.
