U.S. equity futures are trading higher ahead of the Tuesday Wall Street session.
The major futures indexes are suggesting a rise of 0.7 percent.
Stocks have been rising on optimism for a coronavirus vaccine as more economies reopen.
Scientists at Oxford University reported that their experimental coronavirus vaccine prompted a protective immune response in hundreds of people who got the shot in an early trial.
Other projects are under way. A vaccine under development by colleagues of Dr. Anthony Fauci, the nation’s top infectious diseases expert at the National Institutes of Health, and Moderna Inc., will start its final testing around July 27. The 30,000-person study is intended to prove if the shots are strong enough to protect against the coronavirus.
European Union leaders agreed on an unprecedented 1.82 trillion euro ($2.1 trillion) budget and coronavirus recovery fund early Tuesday, somehow finding unity after four days and as many nights of fighting and wrangling over money and power in one of their longest summits ever.
European markets are trading higher. London’s FTSE is adding 0.7 percent, Germany’s DAX is higher by 1.9 percent and France’s CAC is gaining 1.3 percent.
In Asian markets, Japan’s benchmark Nikkei gained 0.7 percent, Hong Kong’s Hang Seng rose 2.3 percent and China’s Shanghai Composite added 0.2 percent.
U.S. technology and communication stocks and companies that rely on consumer spending traded higher on Monday.
The S&P 500 gained 0.8 percent, the Dow Jones Industrial Average, which was down for most of the day, inched just 0.1 percent higher and the Nasdaq had its best day since the end of April, climbing 2.5 percent.
Wall Street is coming off its third straight weekly gain following improvements in hiring, retail sales and other parts of the economy, along with rising hopes for a COVID-19 vaccine.
This week will bring earnings reports from major U.S. companies such as Coca-Cola and Microsoft.
The price of benchmark U.S oil added $1.04 to $41.85 a barrel in electronic trading on the New York Mercantile Exchange. It gained 22 cents to $40.81 a barrel Monday. Brent crude oil, the international standard, rose $1.19 to $44.45 a barrel.
