(Reuters) – Wall Street was to open abruptly on Monday, after a strong sell-off in the previous session, driven by lower oil prices and the hope for a solid sale in the holiday season.
The merchants work on the floor of the New York Stock Exchange (NYSE) in New York City, USA. UU., November 23, 2018. REUTERS / Brendan McDermid
Buyers who missed bids on Black Friday are expected to visit online sites on Cyber Monday, giving retailers a solid start to their holiday at the end of the year.
The shares of e-commerce giant Amazon.com Inc (AMZN.O) jumped 2.1 percent and eBay Inc (EBAY.O) Earned 1.9 percent in pre-market operations.
Other retailers, including Best Buy Inc (BBY.N), Walmart Inc (WMT.N) and Target Corp (TGT.N), also rose about 1 percent each.
"We had a pretty miserable week in terms of stock markets and sometimes you get a rally of relief, markets could bounce a bit based on that," said Randy Frederick, vice president of operations and derivatives at Charles Schwab in Austin, Texas. .
"I think the anticipation before the holidays is that it would be a pretty strong season and black Friday is a big part of that."
The main Wall Street indexes fell more than 3 percent last week, as the Dow and the Nasdaq posted their biggest weekly percentage drops since March, given the collapse in oil prices, concerns over the slowdown in world growth and the increase in corporate profits.
The S & P 500 closed Friday 10.2 percent lower from its historic high of September 20, confirming a correction for the second time this year.
At 8:37 a.m. Eastern time, Dow e-minis 1YMc1 rose 239 points, or 0.99 percent. S & P 500 e-minis ESc1 rose 28.25 points, or 1.07 percent, and Nasdaq 100 e-minis NQc1 rose 97.5 points, or 1.49 percent.
Oil prices rose, reducing some of its losses from Friday's nearly 7 percent drop, raising the components of Dow Exxon Mobil Corp (XOM.N) 0.9 percent and Chevron Corp (CVX.N) 1.0 percent.
Other members of the so-called FAANG group also rose, with Facebook shares Inc (FB.O), Apple Inc (AAPL.O), Netflix Inc (NFLX.O) and Google-Parent Alphabet (GOOGL.O) earning between 1 percent and 2 percent.
Also at the forefront of investors is the G20 summit this week, where US President Donald Trump and his Chinese counterpart Xi Jinping are expected to hold trade talks in Buenos Aires, Argentina.
Among other actions, Nvidia Corp (NVDA.O) rose 2.7 percent after Credit Suisse initiated coverage of the chip designer's stock with a rating of "top performance" and said the recent stock weakness provides a convincing entry point.
The smaller rival, Advanced Micro Devices, also gained 3.2 percent.
Amy Caren Daniel report in Bengaluru; Edited by Arun Koyyur