US stock index futures gains on easing oil prices, holiday sales

U.S. stock index futures rose on Monday, bouncing back from a steep sell-off in the previous session, buoyed by easing oil prices and hopes of a robust sales in the holiday season. Shoppers snapped up deep discounts on Black Friday and Cyber Monday in the United States, giving retailers a strong start to their make-or-break holiday season.

Shares of e-commerce giant Amazon.com Inc jumped 2.7 per cent and eBay Inc gained 2.1 per cent in premarket trading.

Oil prices rose, paring some its losses from the near-7 per cent fall on Friday, lifting Dow components Exxon Mobil Corp up 0.9 per cent and Chevron Corp 0.4 per cent.

Wall Street's main indexes fell more than 3 per cent last week, with the Dow and the Nasdaq posting their biggest weekly percentage declines since March, on plunging oil prices, worries about slowing global growth and peaking corporate earnings.

The S&P 500 fell 0.66 per cent on Friday and closed 10.2 per cent lower from its record closing high on Sept.20, confirming a correction for the second time in the year.

At 7:06 a.m. ET, Dow e-minis were up 260 points, or 1.07 per cent. S&P 500 e-minis were up 31 points, or 1.18 per cent and Nasdaq 100 e-minis were up 104.5 points, or 1.6 per cent.

Also on the forefront of investors minds is the G20 summit this week, where U.S. President Donald Trump and his Chinese counterpart Xi Jinping are expected to hold trade talks in Buenos Aires, Argentina.

Other members of the so-called FAANG group also rose, with shares of Facebook Inc, Apple Inc, Netflix Inc and Google-parent Alphabet gaining between 1.6 per cent and 2.3 per cent.

Among other stocks, Nvidia Corp rose 2.7 per cent after Credit Suisse initiated coverage on the chip designer's shares with an "outperform" rating and said the recent weakness in shares provide a compelling entry point.

Smaller rival Advanced Micro Devices also gained 3.2 per cent.

(With inputs from agencies.)