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Global stocks rose, led by gains in Chinese shares. Top Chinese
officials said on Sunday that the world's second largest economy
was showing signs of improvement.
Crude prices fell amid uncertainty about major exporters
reaching an agreement to freeze production and signs of U.S.
producers increasing drilling activity.
The U.S. Federal Reserve's accommodative move last week to cut
back on the number of rate hikes this year to two helped push
stocks higher.
The S&P 500 on Friday turned positive for the first time in
2016, closing up 0.25 percent, recovering from a more than 10
percent fall earlier in the year.
Investors will now look for signs that the U.S. economy
continues to recover, with expectations for corporate earnings
improving and commodity prices edging up, even as weak global
conditions casts a pall on sentiment.
Data on Monday includes U.S. existing home sales, which are
expected to have dropped 2.2 percent in February. The report is
due at 10 a.m. ET.
Shares of Nike were up 1.5 percent at $63.96 premarket after JP
Morgan raised its price target on the stock and added it to a
focus list as a growth strategy pick.
Intel was down 1.8 percent at $32.10, Sherwin-Williams
fell 2 percent to $283 and Transocean was down 3.3 percent at
$10.42 after rating downgrades.
Cognizant Technology was up 1.3 percent at $60 after the company
said it recommends shareholders reject a share purchase offer by
TRC Capital.
Dow e-minis were up 23 points, or 0.13 percent, with 18,843
contracts changing hands.
S&P 500 e-minis were up 2.25 points, or 0.11 percent, with
124,996 contracts traded.
Nasdaq 100 e-minis were up 7.5 points, or 0.17 percent, on
volume of 18,129 contracts.
(Reporting by Abhiram Nandakumar in Bengaluru; Editing by Don
Sebastian)
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