Stock futures tick up after Wall Street record

US stock futures rose on Tuesday, a day after record-breaking levels for the S&P 500 amid lower cash flow in the last days of the year.

Futures for the S&P 500 added 0.3% later The broader market index rose 1.4% On Monday. Nasdaq-100 futures are up 0.5%, indicating the gains in technology stocks after the opening hour. The Dow Jones Industrial Average rose 0.2%.

Shares have been buffeted in recent weeks by the spread of the Omicron variant as governments around the world have imposed restrictions in an effort to prevent epidemics. But some recent studies have suggested that this variant may increase the risk of mild illness and hospitalization.

Centers for Disease Control and Prevention Reduced recommended isolation period Try to minimize the inconvenience to some people who test positive. Still, Many economists have cut back Their forecasts for economic growth in the first quarter of next year.

“Hope emerges from the markets that Omicron will not disrupt the economic recovery,” said Antonio Caverro, investment head of General Insurance Asset Management. “There is no visible risk reduction.” He said one reason for this was the low cash flow from fewer people working during the holidays.

Stock investors enjoyed an event called the “Santa Claus Rally”. Indices like the S&P 500 tend to rise in the last five days of the year and the first two days of the new year. According to the stock trader’s almanac, such a rally takes place every five years at the end of the fourth.

“It’s because people are starting to stabilize. People are reading the 2022 estimates and planning for next year,” said Jeffrey Myers, a consultant on blocking funds and family offices in market securities.

See also  Novak Djokovic's Australian visa revoked

In the premarket trade, several key technology stocks rose, with Nvidia up 1.4% and Tesla up 1.7%. Vaccine makers fell, Novavox fell 3.3% and Moderna fell 1%.

Globally, Brent crude rose 1.1% to $ 79.07 a barrel.

The yield on the benchmark 10-year Treasury note fell to 1.477% on Monday from 1.480% for the third day in a row. Short-term securities increased, with a two-year dividend of 0.756%, the highest level since March 2020.

New information on the housing market will be released to ET at 9 p.m. The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas in the United States, expects prices to rise for the year ending in October.

Revenue season has largely declined. A few more reports include egg maker Call-Mine Foods, which is expected to release its results on Tuesday after the markets close.

Stock Futures is open on Wall Street.


Photo:

John Minzillo / Associated Press

Bitcoin traded down 3.5% from its level at ET at 5pm on Monday, trading at around $ 49,150. The cryptocurrency has reached around $ 50,000 in value over the past five days. Shares of the cryptocurrency exchange Coinbase fell 3% in pre-market trading.

Overseas, Pan-Continental Stoxx Europe 600 added 0.5%.

The Turkish lira was down 0.8% at 11.8. The value of the currency strengthened after the government announced A new economic plan last week.

“[President Recep Tayyip Erdogan] It may have bought Turkey for a while but it’s not a big story yet, ”he said. Myers said. Speculative investors may close short positions before the long holiday weekend and now weigh the lira and put them back, he said.

In Asia, most key criteria were raised. The Shanghai Composite was up 0.4% and Hong Kong’s Hong Kong Sheng was up 0.2%. Japan’s Nikkei 225 gained 1.4%, driven by gains in technology stocks.

Shares

China Evergrande Group

9.5% higher. Said the highly indebted real estate developer Construction began again More than 90% of it was discontinued in residential projects. It also said it would offer apartments quickly to home buyers.

Write to Anna Hirtenstein at [email protected]

Copyright © 2021 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

Leave a Reply

Your email address will not be published. Required fields are marked *