U.S. stocks looked headed for a strong bounce on Tuesday, as traders took cheer from promises by Chinese President Xi Jinping to open the country's markets.
Xi's pledges, made at a major conference in Asia, may help to soothe fears of an all-out trade war between the U.S. and China, a factor that has been driving volatility for equities.
Futures for major U.S. stock markets climbed more than 1% across the board.
Those gains came after late-session jitters linked to reports that the Federal Bureau of Investigation raided the office of President Donald Trump’s personal lawyer, Michael Cohen.
Dow Jones Industrial Average futures surged 311 points, or 1.3%, to 24,322, while S&P 500 futures gained 35.9 points, or 1.3%, to 2,654. Nasdaq-100 futures jumped 120.50 points, or 1.9%, to 6,618.25.
A global equity rally was triggered as Chinese President Xi told the Boao Forum that Beijing is developing plans to give foreign companies greater access to financial and manufacturing sectors. These include a cut in tariffs on car imports and an improvement in protection of intellectual property, among other measures.