MARKET SNAPSHOT: U.S. Stocks Poised For Higher Open As Saudi-Russia Surprise Lifts Oil Prices

Metal prices rise after China promises to boost infrastructure spending

U.S. stocks were set to kick off the week higher on Monday, with oil prices rallying after Saudi Arabia and Russia called for an extension to OPEC's production-cut deal.

Futures for the Dow Jones Industrial Average gained 45 points, or 0.2%, to 20,893, while those for the S&P 500 index added 3.05 points, or 0.1%, to 2,392. Futures for the Nasdaq-100 index were down 2 point at 5,687.

The market's relatively positive tone was supported by crude-oil prices , which jumped more than 3% to trade at a two-week high ( The advances came after energy ministers of Saudi Arabia and Russia said in a joint statement that they endorse a nine-month extension ( to current production cuts--three months longer than expected.

The proposed extension still needs to be confirmed when the 13 members of the Organization of the Petroleum Exporting Countries gather for a closely watched meeting in Vienna on May 25.

"Markets have showed signs of stabilizing a bit this morning, but with little key U.S. data due this week, there is a threat of a continued corrective move," said Richard Perry, market analyst at Hantec Markets, in a note.

"However, market sentiment on equities is not negative and is holding up, with the oil price having continued to recover as Russia and Saudi Arabia (the world's two largest oil producers) propose extending the production cuts into March 2018," he added.

The optimism over rising oil prices come as tensions rose over North Korea over the weekend. The country tested another ballistic missile over the Sea of Japan on Sunday (, seen as a direct challenge to the newly elected president of South Korea.

The modest gains come after U.S. bourses closed mostly lower on Friday (, after inflation and retail sales missed forecasts and painted a mixed picture of the country's economy. The S&P 500 index slipped 0.2%, while the Dow average fell 0.1%, with both benchmarks snapping a three-week winning streak. But the Nasdaq Composite Index edged slightly higher on Friday and logged a fourth straight weekly gain.

Stock movers: Energy companies were among biggest premarket gainers on Monday. Shares of Transocean Ltd.(RIG) climbed 4%, Chesapeake Energy Corp.(CHK) gained 3.7%, NRG Energy Inc.(NRG) added 3.8%, and Marathon Oil Corp.(MRO) gained 4.3%.

Shares of cybersecurity companies also advanced ( as the "WannaCry" virus was expected to continue to wreak havoc on Monday morning ( Shares of Symantec Corp.(SYMC) gained 3.2% premarket, Palo Alto Networks Inc.(PANW) added 2.3% and FireEye Inc.(FEYE) put on 4.4%. The PureFunds ISE Cyber Security ETF(HACK) jumped 7.6%.

Patheon NV(PTHN) soared 34% after Thermo Fisher Scientific Inc.(TMO) said it is buying the company for $7.2 billion including $2 billion of net debt (

In other deal news, Moody's Corp.(MCO) said it would buy Dutch business intelligence company Bureau van Dijk for EUR3 billion, or around $3.27 billion (

Shares of Alphabet Inc.(GOOGL)(GOOGL) gained 0.4% in thin premarket trade. Waymo LLC, the driverless car division of the Google parent, and ride-hailing startup Lyft Inc. said Sunday they would work together to develop autonomous vehicle technology (

The announcement is seen as another potential blow to rival Uber Technologies Inc., just as the company is headed for a court battle with Alphabet ( over a key technology for self-driving cars.

Economic news: A gauge of New York-area manufacturing slumped back into negative territory in May for the first time since the presidential election. The Empire state manufacturing index for May fell to negative 1, from positive 5.2 in April.

The home-builders index for May is due at 10 a.m. Eastern.

Other markets: Stocks in Asia closed mostly higher (, with investors largely ignoring a batch of disappointing Chinese data and instead focusing on China's "One Belt, One Road" infrastructure program.

President Xi Jinping over the weekend said there will be more than $100 billion in fresh financing ( in support for the initiative, a bid to link regions via infrastructure projects that is seen as a bid to reshape the geopolitical world order by casting China as the protector of globalization.

The pledge to boost infrastructure spending also helped lift metals (, with platinum logging the biggest gain at 1.6%. Gold was up 0.3% at $1,231.30 an ounce.

The dollar traded lower ( against most other major currencies, while European stock markets were mixed ( The yield on the 10-year Treasury bond was unchanged at 2.33%.

(END) Dow Jones Newswires

May 15, 2017 09:00 ET (13:00 GMT)