US open: Stocks bounce amid talks of back-channel talks between Washington and Beijing

Wall Street is bouncing back on the heels of more market-friendly remarks from top US administration officials on the global trade picture at the weekend.

As of 1512 BST, the Dow Jones Industrials were adding 1.79% or 426.46 points to 23,957.99, alongside a 1.64% or 42.35 point gain for the broader S&P 500 to 2,631.79, while the tech-laden Nasdaq Composite was tacking on 122.52 points to 7,115.56.

Technology issues were doing best, with the biggest gains among industry groups coming from: Software (3.96%), Home Improvement Retailers (3.19%), Reinsurance (2.86%), Technology Hardware (2.63%) and Software&Computers (2.59%).

In parallel, the CBOE's VIX volatility index - dubbed by some traders as Wall Street's 'fear gauge' was down by 11.5% to 22.01.

During the previous week, all three of the Street's main market gauges had slumped by roughly 6% each, with the S&P 500 having clocked-in with its worst performance in more than two years.

Significantly, over the weekend US Treasury Secretary Steve Mnuchin indicated that progress was being made in negotiations with China on paring its bilateral trade surplus with Washington.

"We're having very productive conversations with them," Mnuchin told Fox News Sunday, when discussing the talks.

"I'm cautiously hopeful we reach an agreement."

Nonetheless, the risk of further reshuffles in the top ranks of the US administration were still a source of concern and the object of market speculation.

Fanning those flames, reports at the weekend again indicated President Trump had until quite recently been mulling doing without a chief of staff, with ex-White House chief strategist chief strategist telling the FT much the same at the weekend.

There was little on tap at the start of the week in terms of economic data.

However, before the opening bell the Federal Reserve bank of Chicago reported that the three-month moving average for its national activity index jumped from +0.02 in January to +0.88 for March.

For later in the day, three Fed Speakers were set to take to the podium on Monday, starting from 1730 GMT with New York Fed chief William Dudley.

Among the most-heavily traded stocks on the Big Board were Lowe's, after the home-improvement retailer's chief Robert Niblock said he would be stepping down.

Trading was also especially intense in shares of building materials group USG, after Berkshire Hathaway it had proposed its sale to a German outfit for $42 a share.

Car parts marker Dana's shares were also on the up, even after GKN spurned its upwardly-revised buyout bid.

Also making headlines was outdoor gear-maker Yeti after the company withdrew its plans to float.