• Futures on the Dow Jones Industrial Average
  YM00,
  +0.36%
  rose 103 points, or 0.3%, to 33261

• Futures on the S&P 500
  ES00,
  +0.64%
  gained 21 points, or 0.5%, to 4177

• Futures on the Nasdaq 100
  NQ00,
  +1.06%
  increased 104 points, or 0.8%, to 12782

On Friday, the Dow Jones Industrial Average
DJIA,
+1.76%
rose 576 points, or 1.76%, to 33213, the S&P 500
SPX,
+2.47%
increased 100 points, or 2.47%, to 4158, and the Nasdaq Composite
COMP,
+3.33%
gained 390 points, or 3.33%, to 12131.

The S&P 500’s 7% rally last week was the strongest since Nov. 2020, though the index is still down 13% from its record high.

What’s driving markets

Shanghai over the weekend said it would lift restrictions on businesses and offer tax rebates, and Beijing reopened some public transportation, signs of a loosening of the zero-COVID policies that have limited output in China.

“The easing is mainly an issue for domestic demand—Chinese exports continued to grow during the restrictions. However, some international companies produce in China for Chinese consumption, so the easing has relevance for some global equities,” said Paul Donovan, chief economist at UBS Global Wealth Management.

European-listed luxury producers that sell into China, including LVMH Moet Hennessy
MC,
+2.97%,
advanced. The Shanghai Composite
SHCOMP,
+0.60%
rose 0.6%, and the Hang Seng
HSI,
+2.06%
rallied over 2% in Hong Kong.

There’s a big slate of U.S. economic data on tap this week, including Wednesday’s release of the Institute for Supply Management manufacturing index, and Friday’s release of nonfarm payrolls.

Federal Reserve Gov. Christopher Waller said on Monday that he backs “several meetings” worth of half-point rate hikes until inflation comes down closer to the 2% target.