(Reuters) – U.S. Stock Index Futures rebounded Monday as a Beijing regulators report that concluded a one-year-long investigation into Didi Global gave rise to optimism about COVID-19 curbs being eased in China. It also lifted shares in other NY-listed China stocks.

The ride railing company’s shares surged by 50% to $2.77 premarket trading, after Wall Street Journal reported regulators were preparing to place the mobile app on the national app stores as soon as possible.

Didi, who was subject to a cyber-security investigation relating to data just days following its June 2021 IPO, has approved the delisting of its American Depositary shares last month.

Christopher Wong from Maybank, Singapore’s senior strategist, said, “It adds fuel to the optimism that regulatory Crackdowns are closer towards the end of the tunnel.” He added that the news also feeds into the hopes for China’s reopening, and the growth momentum.

The shares of Alibaba (NYSE:), Baidu NASDAQ:), JD NASDAQ:.com Inc gained between 4%-6% while investors rejoiced that Beijing and Shanghai were slowly returning to normal following China’s worst COVID-19 attack in over two years.

5.12 am. ET were up 272 points or 0.83% and up 45 points or 1.1% respectively. They were also up 185.75 or 1.48%.

Market heavyweights Apple Inc. (NASDAQ) rose 1.6% while Tesla Inc. (NASDAQ) Inc advanced 4.1%. These market leaders are seeking to recoup losses from Friday’s loss after a solid job report dampened optimism for a pause on the aggressive U.S. Federal Reserve policy-tightening.

Wong said that it remains to be seen if the rally is meaningful. Traders are looking ahead at a Fed rate increase next week, and even more after.