After a mini-rout on Thursday which briefly pushed the S&P into negative-gamma territory below 4,300, European stocks and US equity futures rebounded on Friday as energy and banking shares rose from a sharp selloff that was triggered by growth worries and has put the indexes on track for their biggest weekly fall since mid-June. At 7:30 a.m. ET, Dow e-minis were up 216points, or 0.61%, S&P 500 e-minis were up 18.5 points, or 0.43%. Nasdaq e-minis were down 3.75 points, or 0.02% after a report that Joe Biden is taking aim at big tech by encouraging regulators to reinstate net-neutrality rules. The dollar weakened against a basket of major currencies.

Risk sentiment was also boosted after China announced its first RRR-cut since Jan 2020, confirming fears that its economy is slowing fast. The weighted average reserve rate for all financial institutions now at 8.90%. The PBOC added that they will maintain prudent monetary policy. The move released around CNY 1trl of long-term liquidity, some of which will be utilized to repay the maturing MLF for financial institutions as discussed earlier.

Energy firms such as Exxon, Devon Energy, Schlumberger, and Halliburton between 1% and 1.8% in premarket trading, tracking oil prices. Rate-sensitive banks also gained between 0.9% and 2%, as the 10-year Treasury yield rebounded from 4 months low, breaking an eight-day falling streak. Levi Strauss & Co gained 3.3% as it forecast a strong full-year profit after beating quarterly earnings estimates on improving demand across its markets for jeans, tops, and jackets. U.S.-listed shares of Chinese ride hailing company Didi Global Inc rose 4.5%, for the first time in five days. Here are some of the biggest U.S. movers today:

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