US stocks are up in opening trade, rebounding from steep losses on Friday as markets awaited key PMI manufacturing data for May.

Five minutes into trade on Monday, the Dow Jones Industrial Average was up 67.50 points (0.45 per cent) at 15,183.07.

The broad-based S&P 500 gained 2.65 (0.16 per cent) at 1,633.39, while the tech-rich Nasdaq Composite rose 3.89 (0.11 per cent) to 3,459.80.

Part of the rebound is due to expectations that new money will get put to work on the first trading day of the month, said Patrick O’Hare at Briefing.com.

“It has not been lost on many participants that the market has shown an inclination to bounce back from large dips in short order. That understanding could be feeding a buy-the-dip mentality,” he said.

Stocks dived in late trade on Friday after a flurry of mixed indicators, pushing the S&P 500 down 1.4 per cent.