Dow I Index Futures Indicator: Dow futures jump 260 points as stocks look to continue rebound from August sell-off
Around 6:30 a.m. ET, Dow futures indicated a positive open of about 260 points. Futures on the S&P and Nasdaq were also solidly higher.
Wall Street ended Friday’s session on a more positive note, on the back of a rebound in bond yields, which eased ongoing recession fears. Nonetheless, traders are keeping an eye on the economy and U.S.-China trade relations.
President Donald Trump said Sunday he doesn’t see a recession on the horizon in the U.S. after a volatile week for markets.
“I don’t think we’re having a recession,” Trump told reporters. “We’re doing tremendously well. Our consumers are rich. I gave a tremendous tax cut and they’re loaded up with money.”
Earlier, The Wall Street Journal and Reuters reported that the Commerce Department was preparing to extend a license for 90 days, which will allow Huawei to continue business with the U.S. companies to service existing customers. The current agreement is set to end on Monday. Huawei’s business in the U.S. is one of the most contentious points in the ongoing trade war with China.
On the back of the trade war, Apple CEO Tim Cook spoke with Trump on Sunday. The U.S. president said Cook made a “good case” that it would be hard for Apple to pay tariffs, when Samsung does not face the same level of duties given its manufacturing in South Korea.
In corporate news, Estee Lauder and Baidu are set to report earnings on Monday. Meanwhile, there are no major data releases scheduled.
—CNBC’s Spencer Kimball contributed to this report.