It is definitely some hopeful optimism but as we learned last week, the early gains definitely do not mean much. There was some modest dip buying on Friday that helped to salvage a poor start in Wall Street. That seems to be continuing here but I would still reserve some caution after all the selling in the past three weeks.
S&P 500 futures
European indices are also holding decent gains on the session now with the DAX up 0.7% and CAC 40 up by 1.0% on the day.
That said, things tend to take a life of its own when it comes to US trading later and I would be remiss not to point out that bond yields are still holding higher and perhaps eyeing a breakout as seen here. So, just be wary of that.