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A surge in high-tech stocks led Wall Street indices higher on Monday as investors rushed to take advantage of huge losses caused by viruses and Twitter announced that chief Jack Dorsey was expected to step down.

The S&P technology and communication services sub-indices jumped more than 1% each, indicating investors are likely to favour pandemic-resistant technology stocks amid growing fears over the recently discovered Omicron variant.

The S&P 500 energy index jumped 3% in early trading and performed best among its peers as oil prices recovered from Friday's selling. A rebound in Treasury yields also pushed the bank index up 0.8%.

Twitter Inc shares rose 11% after reports that Dorsey intends to resign. Dorsey faced some pressure to leave in 2020 due to accusations that he paid too little attention to Twitter and also ran payment processing company Square Inc.

Wall Street indices fell 2.0-3.5% on Friday after news of a variant of the coronavirus sparked a global sell-off as countries imposed new travel restrictions over fears that the Omicron variant could resist vaccination and reverse a nascent economic revival.

US President Joe Biden is expected to brief the public on the option and the country's response later in the day, the White House said.

Shares in travel companies, which were hit hardest during Friday's sell-off, showed strong gains. Shares in major airlines rose 0.7-2.6 per cent after falling 3-9 per cent on Friday.

"If Omicron did become a serious problem, it would be bigger than the delta waves we have just gone through. There's no doubt that the (Fed) cut will be suspended or delayed," said Thomas Hayes, managing member of Great Hill Capital LLC, New York.

"You may get a little trauma in the coming weeks because of the headlines, but the bottom line is that people should have access to the information by the end of the year."

The Dow Jones Industrial Average rose 129.10 points, or 0.37%, to 35,028.44 at 9:46 a.m. ET, while the S&P 500 rose 39.39 points, or 0.86%, to 4,634.01. The Nasdaq Composite rose 167.76 points, or 1.08%, to 15,659.41 points.

The Dow Jones gain was suppressed by Merck & Co Inc, which fell 4.7%, adding to a 3.8% decline on Friday after updated research data on its experimental pill COVID-19 showed it was less effective at reducing the risk of hospitalization and death than before.

Among other stocks, shares in casino operators Wynn Resorts and MGM Resorts International fell 1.9% and 0.4% respectively, tracking losses at their Macau units, which were tainted by arrests on charges of links to cross-border gambling and money laundering.

Shares in Advanced Micro Devices rose 2 per cent after reports that electric car maker Tesla Inc has started using a new AMD chip in Model Y cars in China.

Tesla shares rose 3.5% after reports that company chief Elon Musk urged employees to reduce the cost of delivering cars.

Shares of Apple Inc added 1.7% after HSBC raised its target price for the iPhone maker's stock.

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The number of advancing issues exceeded the number of falling issues by 2.46 times on the NYSE and by 1.51 to 1 on the Nasdaq.

The S&P index recorded one new 52-week high and no new lows, while the Nasdaq recorded 20 new highs and 59 new lows.

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