At around 02:45 a.m. ET, Dow futures rose 166 points, indicating a higher open of 161 points, while the S&P 500 and Nasdaq indexes were also in positive territory.
Traders turned focus to the latest economic figures from China. A private survey showed the country’s manufacturing activity expanded unexpectedly in March, at its fastest pace in eight months.
The figures gave some much-needed relief to investors unnerved of late by fears of a global economic downturn. Early last week, equities came under pressure as bond markets indicated an impending U.S. recession.
The yield on the 10-year Treasury note recently dipped below that of the 3-month bill, in what’s known as a yield curve inversion. A yield curve inversion is seen as a trusted predictor of a recession.
In other news boosting markets, the U.S. and China recently concluded their latest round of trade talks. U.S. officials last week said China had made proposals on a number of issues — including forced technology transfers — that go further than previous commitments.
Monday is a busy day on the data front, with U.S. retail sales, manufacturing numbers, construction spending and business inventories due to be released.