Global stocks are rising Monday, and Wall Street is getting ready to try to shake off turbulence from last week sparked by the GameStop stock frenzy.
Dow futures were last up 130 points, or 0.4%, reversing course from a 0.8% tumble earlier.
S&P 500 futures were last up 0.5%, while Nasdaq futures were up 0.4%.
US markets are coming off of their worst week since October. The volatility hinged on a handful of trends, including fears from analysts about whether the massive short-squeeze in GameStop and other Reddit favorites are beginning to curtail liquidity in other parts of the market as investors unwind positions.
There are other factors, too. Earnings season is in full swing. There are also questions about whether President Joe Biden’s proposed $1.9 trillion stimulus package can actually get passed, along with uncertainty over the coronavirus vaccine rollout.
Major regional benchmarks in Asia moved higher, too. Hong Kong’s Hang Seng was last up 2.1%, while South Korea’s Kospi rose 2.4%. Japan’s Nikkei gained 1.4% and Australia’s S&P/ASX 200 added 0.8%.
China’s Shanghai Composite was last up 0.2%, struggling to gain traction throughout the day. The country’s manufacturing activity expanded in January, a closely watched private survey showed Monday — albeit at the slowest pace in seven months. Recent survey data from the Chinese government showed similar slow growth in manufacturing and services activity. It’s a sign that recent coronavirus outbreaks in the country may be hampering the recovery of the world’s second largest economy, though not by enough to derail it entirely.
Silver producers, meanwhile, jumped in Asia as futures for the precious metal surged to touch five-month highs. China Silver Group soared nearly 30% in Hong Kong, for example. Chinese silver futures also jumped nearly 9% in Shanghai.
— Anneken Tappe contributed to this report.