LONDON (Reuters) – Wall Street is set to open strongly on Monday following a strong sell-off in the previous session, boosted by falling oil prices and robust sales hopes for the holiday season.
Traders work on the New York Stock Exchange (NYSE) floor in New York, USA, November 23, 2018. REUTERS / Brendan McDermid
Buyers who missed deals on Black Friday will be expected to hit online sites on Cyber Monday, giving retailers a strong start to their holiday season.
Shares of e-commerce giant Amazon.com Inc (AMZN.O) jumped 2.1% and eBay Inc (EBAY.O) gained 1.9 percent in the pre-market talks.
Other retailers, including Best Buy Inc. (BBY.N), Walmart Inc (WMT.N) and Target Corp. (TGT.N), also rose about 1 percent each.
"We have had a very miserable week in terms of stock markets and sometimes we have a bullish recovery, markets may be jumping a little based on that," said Randy Frederick, vice president of trading and derivatives at Charles Schwab in Austin , Texas. .
"I think the anticipation before the holidays is that it would be a very strong season and Black Friday is a big part of it."
Wall Street's leading indexes fell more than 3 percent last week, with the Dow and Nasdaq showing their biggest weekly declines since March with falling oil prices, worries about slowing global growth and the peak in corporate profits.
The S & P 500 on Friday closed up 10.2 percent from a record high of September, confirming the correction for the second time this year.
At 8:37 ET, the Dow e-minis 1YMc1 climbed 239 points, or 0.99%. The S & P 500 e-minis ESc1 rose 28.25 points, or 1.07%, and the Nasdaq 100 e-minis NQc1 rose 97.5 points, or 1.49%.
Oil prices rose, easing losses with a nearly 7% drop on Friday, boosting Dow components of Exxon Mobil Corp (XOM.N) rose 0.9 percent and Chevron Corp (CVX.N1.0 percent.
Other members of the so-called FAANG group also rose, with Facebook sharesFB.O), Apple Inc (AAPL.O), Netflix Inc (NFLX.O) and Google-parent Alphabet (GOOGL.O) gaining between 1% and 2%.
Also at the forefront of the investor's mind is the G20 summit this week where US President Donald Trump and Chinese counterpart Xi Jinping are expected to conduct trade talks in Buenos Aires, Argentina.
Among other actions, Nvidia Corp (NVDA.O) rose 2.7 percent after Credit Suisse began covering the chip designer's shares with an "outperform" rating and said recent stock weakness provides an attractive entry point.
Small rival Advanced Micro Devices also gained 3.2 percent.
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