futures climbed 110 points, or 0.5%. S&P 500 (SPX)
futures were up around 0.5% and Nasdaq Composite (COMP)
futures gained about 0.8%.
Asian markets, meanwhile, rose broadly. Australia’s S&P/ASX 200 jumped 1.4%. South Korea’s Kospi (KOSPI)
gained 1.9%, and Japan’s Nikkei 225 (N225)
added 0.7%. The above markets held onto earlier gains, after government data from China showed the country’s factory activity unexpectedly expanded in March after taking a heavy hit from the coronavirus outbreak last month.
The official manufacturing Purchasing Managers’ Index surged to 52 in March, from a record low of 35.7 in the previous month. It beat a forecast of 45 by analysts polled by Reuters. The official non-manufacturing PMI also jumped to 52.3 from February’s 29.6.
A reading above the 50-point level indicates growth compared to the previous month, while anything lower shows a contraction.
Hong Kong’s Hang Seng Index (HSI)
and China’s Shanghai Composite (SHCOMP)
rose 1.5% and 0.6% respectively after the data were released.
In the United States, each of the three indexes gained more than 3% on Monday
, even as the coronavirus outbreak spreads and its impact on the economy continues to unfold. On Monday, Macy’s (M) said it will furlough
a majority of its 125,000 workers.
The biggest gainer in the Dow was Johnson & Johnson (JNJ)
, which surged 8% after saying it hoped to have an experimental coronavirus vaccine
ready for human testing by September.
On the oil front, US crude oil prices
sunk nearly 7% Monday, finishing at $20.09 a barrel. At session lows, oil touched $19.27 a barrel — the weakest intraday price since February 2002. On Tuesday morning, US oil futures rebounded to $21.61 a barrel during Asian trading hours.
US oil has now lost 68% of its value since its recent peak of $63.27 a barrel on June 6, following a price war between Saudi Arabia and Russia
and as oil demand suffers because of coronavirus mitigation measures
–CNN’s Paul LaMonica and Matt Egan contributed to this report.