Stock futures jumped Monday evening, pacing toward advances Tuesday when traders return from the Memorial Day holiday weekend in the U.S. Contracts on each of the S&P 500, Dow and Nasdaq rose more than 1% shortly after futures began trading after 6 p.m. ET.

Overseas, equities in Asia also rose, though market participants continued to eye developments around Hong Kong after China announced a new national security law that would give it more control over Hong Kong, potentially stirring up further volatility in the region and further straining relations with the U.S., with whom Hong Kong holds special trade status.

Developments around the coronavirus outbreak still remained front and center for many market participants, though signs of improving consumer behavior in the U.S. after weeks of social

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