Stocks are off to a higher start on Wall Street Monday led by more gains in big tech companies. The S&P 500 was up 0.8%. The benchmark index is coming off its eighth losing week in the last nine. The Nasdaq rose 1.2% and the Dow rose 0.5%. Twitter fell 4% after Tesla CEO Elon Musk threatened to call of his deal to buy the company, saying Twitter was refusing to hand over data. Spirit Airlines rose 2% after JetBlue raised its offer to buy the rival carrier, and Amazon rose 3% after executing a 20-for-1 stock split.

THIS IS A BREAKING NEWS UPDATE. Earlier story follows below.

NEW YORK – Wall Street futures jumped Monday after the downturn in China�s service industries eased and reports that the Biden administration may lift U.S. tariffs on some Chinese imports like solar panels.

Futures for the Dow climbed 0.9% and are up 1.1% on the S&P 500.

Oil prices are hovering close to $120 per barrel.

A survey showed activity in Chinese retailing and other service industries shrank in May but at a slower rate than the previous month. Meanwhile, The Wall Street Journal reported Washington plans to lift tariffs on Chinese-made solar panels and Commerce Secretary Gina Raimondo said President Joe Biden was �looking at� ending other duties.

Shares of Canadian Solar, Sunrun and SunPower rose between 8% and 13%. First Solar rose about 3%.

Wall Street traders have been uneasy about the possibility Federal Reserve interest rates aimed at cooling inflation that is running at a four-decade high might tip the U.S. economy into a recession.

On Friday, the S&P 500 lost 1.6% for its eighth weekly decline in the past nine weeks. The Dow fell 1% and the Nasdaq fell 2.5%.

In midday trading Monday, the FTSE 100 in London rose 1.2%, the DAX in Frankfurt gained 1% and the CAC 40 in Paris advanced 1.1%.

In Asia, the Shanghai Composite Index rose 1.3% to 3,236.37 after the business news magazine Caixin said its monthly purchasing managers� index for services rose to 41.4 from April�s 36.2 on a 100-point scale on which numbers below 50 show activity contracting.

�Some pockets of optimism may come from further easing of virus restrictions in Beijing,� Yeap Jun Rong of IG said in a report.

The Hang Seng in Hong Kong gained 1.8% to 21,470.94 and the Nikkei 225 in Tokyo added 0.6% to 27,915.89. Korean markets were closed for a holiday.

Sydney�s S&P-ASX 200 shed 0.5% to 7,206.30. New Zealand markets were closed for a holiday.

India�s Sensex lost less than 0.1% to 55,716.30. Southeast Asian markets declined.

Benchmark U.S. crude rose 47 cents to $119.34 per barrel in electronic trading on the New York Mercantile Exchange. The contract gained $2 on Friday to $118.87. Brent crude, the price basis for international oil trading, advanced 53 cents to $120.25 per barrel in London.

The dollar declined to 130.63 yen from Friday�s 130.85 yen. The euro rose to $1.0728 from $1.0720.

(AP)