Yahoo Finanza Dow futures soar 500 pts to start the week on reopening hopes
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U.S. equity futures are pointing to a higher open to start the week as traders head back to Wall Street following the Memorial Day holiday.
The major futures indexes are indicating a rise of 2 percent or 480 Dow points when trading resumes.
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The New York Stock Exchange is set to reopen its famed trading floor Tuesday, but it won’t be going back to normal.
Only one-quarter of the NYSE’s usual population of traders will be back when the floor resumes business after a two-month closure prompted by the coronavirus pandemic. Traders who return must wear masks, avoid taking public transportation and follow tough social-distancing rules, with newly erected Plexiglas barriers to help them stay apart.
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U.S. markets were closed for Memorial Day on Monday, while European benchmarks ended higher, reflecting the global investor optimism.
The market focus is shifting to how various nations are adapting to getting back to business, while striving to keep new COVID-19 cases in check.
Japan resumed close-to-normal business activity, with hopes for economic recovery overshadowing worries over the coronavirus pandemic.
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Japan lifted its state of emergency under what Prime Minister Shinzo Abe on Monday called a new lifestyle, with widespread wearing of masks and face shields.
In Asian markets on Tuesday, Tokyo's benchmark Nikkei rose 2.6 percent, Hong Kong's Hang Seng added 1.9 percent and China's Shanghai Composite advanced 1 percent.
Comments from China’s central bank governor on support for its slowing economy also lifted sentiment.
Yi Gang, in an interview on the bank’s website, said the People’s Bank of China will pursue “more flexible” monetary policy. He said that was in line with official goals announced Friday by Premier Li Keqiang of helping smaller and private companies survive the coronavirus pandemic.
In Europe, London's FTSE is up 1.4 percent, Germany's DAX gained 0.8 percent and France's CAC added 1.3 percent.
Investors are also awaiting U.S. consumer confidence data for May and home sales for April, indicators that might give further clues into the severity of the downturn brought on by the pandemic.
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Benchmark U.S. crude gained 85 cents to $34.09 in electronic trading on the New York Mercantile Exchange. It closed at $33.25 on Friday, and markets were closed on Monday.
Brent crude oil, the international standard, rose 98 cents to $36.11 a barrel.
The Associated Press contributed to this article.
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