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FinanceStock futures open flat after Dow notches fifth straight day of gains

Stock futures open flat after Dow notches fifth straight day of gains

A dealer works on the buying and selling flooring on the final day of buying and selling earlier than Christmas on the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., December 23, 2021.

Andrew Kelly | Reuters

U.S. inventory futures opened flat Tuesday evening following a blended session as merchants continued to evaluate the menace of the omicron Covid-19 variant.

Futures tied to the Dow Jones Industrial Average have been up lower than 0.1%, or 8 factors. S&P 500 futures gained simply 0.1%, and Nasdaq 100 futures superior practically 0.2%.

There have been greater than 4.1 million Covid instances confirmed within the U.S. this month, in accordance with knowledge from Johns Hopkins University. That’s nicely above November’s tally of 2.54 million. The nation’s seven-day common of instances can also be at 231,888 instances, greater than triple the imply from Nov. 27.

However, the Centers for Disease Control and Prevention just lately shortened its isolation advice for individuals who check optimistic from 10 days to 5 if they do not have signs. Research from South Africa additionally exhibits that omicron infections can increase immunity towards the delta variant.

Stocks have been underneath strain in late November, when information of the omicron variant first broke. They have since rebounded, nonetheless, with the S&P 500 up 4.8% for December.

Virtus Investment Partners’ Joe Terranova informed CNBC’s “Closing Bell” that the market has proven resiliency up to now few weeks, as merchants weigh the omicron variant and probably tighter financial coverage from the Federal Reserve subsequent yr.

He famous, although, that the “risk profile of the market is clearly changing” because of the potential for greater volatility within the new yr.

The market is “gravitating toward a more qualitative holding,” Terranova mentioned. “I don’t think the market wants the speculative areas in which investors have been rewarded the last couple of years. That’s the hyper-growth stocks, the high P/E, the crypto, the cannabis [names].”

During the common buying and selling session, the Dow notched its fifth straight day of gains, rising greater than 90 factors. The S&P 500 eked out an intraday report earlier than closing decrease on the day. The Nasdaq Composite lagged, falling 0.6%.

Tuesday’s strikes are happening through the “Santa Claus rally” interval, which embody the final 5 buying and selling days of December and the primary 5 of January. This is a traditionally sturdy interval for the market, with the S&P 500 averaging a return of 1.7% since 1928.

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