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U.S. stock futures rose on Monday following a massive rally in Chinese equities.
At around 7 a.m. ET, Dow Jones Industrial Average futures were up 83 points, pointing to a gain of 32.66 points. S&P 500 and the Nasdaq 100 also indicated gains at the open.
In China, the Shanghai Composite rose more than 4 percent to notch its best day since March 2, 2016. The sharp move higher comes after Chinese authorities pledged to support China's economy and offset the negative impact of U.S. tariffs.
Shares of Jacobs Engineering, Caterpillar and Advanced Micro Devices all rose at least 1.4 percent in the premarket. These companies have significant exposure to the Chinese market , so they benefit from strong economic growth there.
Equities also gained after Moody's downgraded Italy's debt rating, but kept it just above junk rating. Over the weekend, Italian Finance Minister Giovanni Tria said he looks forward to "constructive" talks with the European Union over its budget. Italian bonds had been selling off amid worries over Italy's budget, but on Monday rallied sharply.
Investors also pored through a slew of corporate earnings on Monday.
Halliburton and offroad vehicle maker Polaris Industries PII both reported better-than-expected earnings before the bell Monday. Shares of Halliburton and Polaris gained 0.7 percent and 3.5 percent in the premarket, respectively.
Several other companies are scheduled to report earnings this week, including Dow members 3M, McDonald's, Caterpillar and United Technologies. Amazon and Alphabet are also set to report this week.
The current earnings season is off to a good start thus far. According to data from FactSet, 81.8 percent of the S&P 500 companies that have posted earnings have topped expectations.
In economic data, the Chicago Federal Reserve will release national activity index figures at 8:30 a.m. ET.
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