US STOCKS-Futures bounce as China industrial profits rise

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* Futures up: Dow 1.32%, S&P 500 1.33%, Nasdaq 1.71%

By Devik Jain
Sept 28 (Reuters) - U.S. stock index futures rose on Monday
as hopes of a global economic recovery were supported by data
showing continued growth in China's industrial profits, while
beaten down shares of banking and travel firms bounced.
Shares of American Airlines Group Inc AAL.O , United
Airlines UAL.O , cruise operators Royal Caribbean Cruises Ltd
RCL.N and Carnival Corp CCL.N rose between 2.5% and 5.6% in
premarket trading.
American Airlines Group Inc AAL.O said it has secured a
$5.5 billion Treasury loan and could tap up to $2 billion more
in October depending on the allocation of extra funds under a
$25 billion loan package for airlines. Optimism spilled over from Asian trading hours after data
over the weekend showed profits at China's industrial firms grew
for the fourth straight month in August. Wall Street's main indexes ended higher on Friday, helped by
technology stocks, but the Dow Jones .DJI and the S&P 500
.SPX indexes posted their longest weekly losing streaks in a
year on fears of a slowing pace of economic growth.
Worries over rising coronavirus cases and waning hopes of
more fiscal stimulus have led to a spike in market volatility in
the past few weeks, and analysts expect trading to remain choppy
in the run up to the Nov. 3 presidential election.
The CBOE Volatility index .VIX , also known as Wall
Street's fear gauge, spiked to its highest in nearly two weeks
last Monday, with analysts warning of further upside to the
index heading toward the end of the quarter.
Shares of technology-related stocks including Facebook Inc
FB.O , Alphabet Inc GOOGL.O , Amazon.com Inc AMZN.O , Apple
Inc AAPL.O and Netflix Inc NFLX.O , perceived as relatively
safe assets at a time of economic uncertainty, rose between 1.1%
and 2.2%.
At 6:39 a.m. ET, Dow e-minis 1YMcv1 were up 357 points, or
1.32%. S&P 500 e-minis EScv1 were up 43.75 points, or 1.33%
and Nasdaq 100 e-minis NQcv1 were up 190 points, or 1.71%.
U.S. big banks JPMorgan Chase & Co JPM.N , Goldman Sachs
Group Inc GS.N , Morgan Stanley MS.N , Wells Fargo & Co
WFC.N and Bank of America Corp BAC.N and Citigroup Inc C.N
added between 0.8% and 2%.
Boeing BA.N shares rose 2.5% after the FAA Chief Steve
Dickson said the agency is set to conduct a 737 MAX evaluation
flight this week, a key milestone as the planemaker aims for
approval to resume flight. Shares of chip gear makers Lam Research Corp LRCX.O ,
Applied Materials Inc AMAT.O , and KLA Corp KLAC.O fell more
than 1.5% as the United States imposed curbs on exports to
China's biggest chip maker SMIC 0981.HK , citing risk of
military use.