Futures rise on oil gains, easing of lockdowns

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(Reuters) – U.S. stock index futures rose on Tuesday, building on gains in the previous session, as oil prices jumped and a slew of countries eased coronavirus-led restrictions in an attempt to revive their economies.

Hopes for a recovery in demand boosted oil prices, helping energy giants Exxon Mobil Corp (N:XOM) and Chevron Corp (N:CVX) lead gains among the blue-chip Dow components (DJI) trading premarket.

Countries including Italy as well as some U.S. states are tentatively lifting some restrictions this week but at the risk of a second wave of infection as global deaths surpassed a quarter of a million.

The S&P 500 (SPX) has climbed about 30% from its March lows on the back of unprecedented stimulus measures and signs of a plateau in new COVID-19 cases in many areas.

However, many market experts have warned that the rally could be tested amid a risk of another wave of virus infections and with growing evidence of the damage to economy and corporate America.

Wall Street’s main indexes snapped their two-day losing streak on Monday as gains in large tech and internet companies and oil prices outweighed concerns about the latest U.S.-China tensions and downbeat sentiment from the annual meeting of Warren Buffett’s Berkshire Hathaway (NYSE:BRKa).

On the economic calendar, ISM’s survey of the non-manufacturing sector is due for release at 10 a.m. ET.

At 6:13 a.m. ET, {{8873|DoDow-minis}} <1YMcv1> were up 252 points, or 1.07%. S&P 500 e-minis were up 28.25 points, or 1% and Nasdaq 100 e-minis were up 91.75 points, or 1.04%.

SPDR S&P 500 ETFs (P:SPY) were up 0.8%.

The S&P 500 index closed up 0.4% at 2,842.74 on Monday.

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