Dow futures pointed to an implied open more than 400 points. The S&P 500 and Nasdaq futures also implied solid gains at the open.

Stocks started the holiday-shortened week off strong. On Tuesday, the Dow Jones Industrial Average climbed more than 500 points, or 2.2%. The 30-stock average briefly traded above 25,000, a level not seen since early March.

A report from Bloomberg News that said the Trump administration is weighing sanctions on Chinese firms and officials over the situation in Hong Kong pushed stocks off their highs in the final hour of trading. President Donald Trump said Tuesday afternoon he would make an announcement about the administration’s response to China’s actions by the end of this week.

The S&P 500 climbed 1.2%, briefly breaching the 3,000 level for the first time since March 5. Many Wall Street analysts believe breaking above this level is a bullish long-term trend. The Nasdaq Composite rose 0.2%.

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