Stock market today: Dow, S&P 500, Nasdaq futures jump as stocks head for steep weekly losses

China’s stock benchmark closed at its highest since mid-December amid growing optimism for more Beijing policy support and a rising appetite for Chinese names from global investors.

Shanghai’s CSI 300 jumped 2.4% as investors dived into consumer stocks. Meanwhile, the Hang Seng China Enterprises index (^HSCE) in Hong Kong finished with a 2.7% gain.

China’s authorities are seen as poised to bring in policies to boost consumer spending and confidence, after the financial regulator laid out plans to encourage banks to offer loans.

But Beijing appears to be struggling to find ways to meet its spending targets, even as Elon Musk-led DOGE in the US shoots for $1 trillion in spending cuts. The risk of economic damage from President Trump’s tariff hikes also looms large.

At the same time, recession worries sparked by that trade war are driving global investors to take cover in an unusual haven, Chinese stocks, analysts suggest. The stocks are trading 30% under their 2021 highs, while the 17% gain for Hong Kong’s Hang Seng (^HSI) since Trump’s election far outshines the S&P 500’s (^GSPC) 9% drop