U.S. equities are looking to start the recovery process following last week's drubbing, which saw the major averages lose between 5.7% and 6.5% apiece.
A Wall Street Journal report that the U.S. and China have started negotiating to improve American access to Chinese markets has helped fuel a positive bias from a fundamental standpoint this morning, while the S&P 500's 200-day simple moving average (2585) has provided some technical support; the index finished just a few points above the key technical level on Friday.
The S&P 500 futures are currently trading 42 points above fair value, which puts the benchmark index on track for a gain of around 1.6% at the opening bell. Meanwhile, the Dow futures are up 1.3%, and the tech-heavy Nasdaq futures trade higher by 1.6%.
Overseas, equity indices in the Asia-Pacific region finished Monday on a mixed note, while the major bourses in Europe hold modest gains. The U.S. Dollar Index is down 0.3% at 88.88, which marks its lowest level in six weeks. The greenback is down 0.4% against the euro (1.2403) and 0.5% against the British pound (1.4207), but has advanced 0.4% against the Japanese yen (105.18).
In the bond market, U.S. Treasuries are under pressure this morning, pushing yields higher across the curve; the yield on the benchmark 10-yr Treasury note is up one basis point at 2.84%, while the yield on the 2-yr note is higher by three basis points at 2.29%.
Investors won't receive any economic data today, but retiring New York Fed President William Dudley is scheduled to speak at 12:30 PM ET.