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FinanceStock futures rise following a losing day as omicron keeps investors on...

Stock futures rise following a losing day as omicron keeps investors on edge

Traders work on the buying and selling ground on the New York Stock Exchange (NYSE) in New York, December 17, 2021.

Andrew Kelly | Reuters

Stock futures climbed in in a single day buying and selling Monday following a broad sell-off amid fears in regards to the fast-spreading omicron Covid variant.

Futures on the Dow Jones Industrial Average gained 110 factors. S&P 500 futures rose 0.3% and Nasdaq 100 futures climbed 0.5%.

Nike shares jumped about 3% in prolonged buying and selling after the sneaker maker reported quarterly earnings and gross sales that exceeded analysts’ expectations, regardless of ongoing provide chain pressures.

The in a single day motion got here after a losing day on Wall Street with low buying and selling quantity forward of the vacations. The blue-chip Dow dropped greater than 400 factors for its third unfavourable session in a row. The S&P 500 and the Nasdaq Composite each declined greater than 1% Monday. The S&P 500 had its greatest three-day drop since September, falling 3% over the interval.

The omicron surge has stored investors on edge with the variant now present in not less than 43 states and 90 international locations. Officials with the World Health Organization mentioned omicron is extra contagious than any earlier variant of Covid-19. Omicron accounted for 73% of latest infections within the U.S. final week, federal well being officers mentioned Monday.

Monday’s sell-off erased the S&P 500’s earlier positive aspects in December, pushing the fairness benchmark to the flatline this month. The Dow is up about 1.3% this month, whereas the Nasdaq is down practically 3.6%, on tempo to interrupt a two-month profitable streak.

“As we head into the shortened holiday week amid surging Omicron cases, continued supply chain pressures, and the failure of the Build Back Better plan, increased volatility and thinner trading volumes could cause the market to overreact, which could be a buying opportunity in the run-up to Christmas,” mentioned Mark Hackett, Nationwide’s chief of funding analysis.

Investors additionally assessed the prospect for President Joe Biden’s financial agenda. The Senate will vote on Biden’s sweeping social security internet and local weather coverage invoice in January regardless of Sen. Joe Manchin’s opposition to it. It is unclear if Democrats will attempt to cross a smaller invoice that features solely elements of the total bundle.

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