June 20, 2016 / 11:27 AM / in 3 years

Stock futures sharply higher as Brexit fears subside

(Reuters) - U.S. stock index futures rose sharply on Monday, tracking gains in European stocks, as polls over the weekend showed an increased possibility of Britain remaining in the European Union.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 10, 2016. REUTERS/Brendan McDermid

* Investors had remained confused over the fallout of Britain’s vote on Thursday, leading them away from oil and equities last week to safe havens like the yen and gold.

* However, polls showed that the “Remain” campaign had gathered favor over the weekend causing a rebound in the British pound.

* Oil prices were on track to mark their largest two-day rise in a month as investor confidence in the risky asset rose and the strength of the dollar weakened. [O/R]

* Gold, which rallied over the past week, fell more than 1 percent, while the dollar was off 0.61 percent on Monday.

* Wall Street closed lower on Friday, weighed down by technology stocks. The three major indexes lost more than 1 percent each in the week after the Federal Reserve warned of an economic slowdown and investors fretted over a possible Brexit.

* Minneapolis Fed President Neel Kashkari will speak at a symposium in Washington at 12:15 p.m. ET (1615 GMT).

* Fed Chair Janet Yellen is scheduled to testify before the Senate Banking Committee on Tuesday at 10:00 a.m. ET.

* Apple (AAPL.O) was up 1 percent at $96.36 premarket on Monday. The tech giant’s stock had fallen 2.2 percent on Friday after a dispute in China over a iPhone patent. * GlaxoSmithKline (GSK.N) rose 4.3 percent to $42.07 after the company said a drug met a late-stage study goals.

Futures snapshot at 7:01 a.m. ET:

* Dow e-minis 1YMc1 were up 215 points, or 1.22 percent, with 30,253 contracts changing hands.

* S&P 500 e-minis ESc1 were up 27.75 points, or 1.35 percent, with 222,189 contracts traded.

* Nasdaq 100 e-minis NQc1 were up 57 points, or 1.31 percent, on volume of 27,788 contracts.

Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Don Sebastian

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