U.S. stock market index futures rose Monday after the major averages notched their first big rally of the new trading year. Futures tied to the Dow Jones Industrial Average ticked up 113 points, or 0.3%, while S&P 500 and Nasdaq 100 futures added 0.5% and 0.6%, respectively. All the major averages advanced last week, with the Dow and S&P posting their best week since November. The Dow on Friday surged 700 points, or 2.13%, while the S&P 500 and Nasdaq Composite added 2.28% and 2.56%, respectively, after the December jobs report signaled that inflation may be easing. Nonfarm payrolls came in slightly higher than expectations, but wages increased at a slower pace than expected. That, and data showing a contraction in the services sector, heightened hopes that the central bank’s rate hikes are accomplishing their goal. Friday’s S&P 500 performance “confirmed what we anticipated entering 2023: The monthly jobs report will be the ‘new CPI,’” said Wells Fargo analyst Christopher Harvey, using an acronym for the consumer price index. This year, labor data is “setting the tone for marginal swings (either hawkish or dovish) in Fed perceptions.” Harvey said that data helped investors shake off pessimism earlier in the week following the release of the December Fed meeting minutes, in which officials said interest rates would need to be elevated for “some time.” The New York Fed Survey of Consumer Expectations and consumer credit data are due out Monday. Later in the week, investors will look for  December’s consumer price index report Thursday and big bank earnings Friday. Asia-Pacific markets traded higher as Hong Kong and mainland China resumed quarantine-free travel over the weekend, signaling the end of zero-Covid policy which kept borders effectively closed for nearly three years. South Korea’s Kospi rose 2.63% to end its session at 2,350.19, leading gains in the region and the Kosdaq gained 1.78% to 701.21. Hong Kong’s Hang Seng index gained 1.77% in its final hour of trade on the first day of trade following the reopening. Technology stocks led gains alongside travel and consumer names. In mainland, the Shanghai Composite rose 0.58% to 3,176.08 and the Shenzhen Component rose 0.62% to 11,450.15. The S&P/ASX 200 gained 0.6% to close at 7,151.3 as investors digested the Australia’s buildings approvals print that came in significantly lower than expected. Japan’s markets were closed to observe Coming of Age Day, a public holiday. Oil extended gains on Monday, rising about 3% after China’s move to reopen its borders boosted the outlook for fuel demand and overshadowed global recession concerns. The rally was part of a wider boost for risk sentiment supported by both the reopening of the world’s biggest crude importer and hopes for less-aggressive increases to U.S. interest rates, with equities rising and the dollar weakening. Brent crude was up $2.29, or 2.9%, at $80.86 a barrel by 1150 GMT while U.S. West Texas Intermediate crude rose $2.46, or 3.3%, to $76.23. Gold prices hit an eight-month high on Monday, as the dollar slipped on bets for slower U.S. interest rate hikes, while investors also cheered top bullion consumer China reopening its borders. Spot gold rose 0.49% to $1,874.78 per ounce, its highest since May 9, 2022. U.S. gold futures gained 0.53% to $1,879.50. The weaker dollar is likely the main factor lifting gold, and investors have also started slowly increasing their holdings in exchange-traded funds (ETFs), indicating positive sentiment in gold, UBS analyst Giovanni Staunovo said.