Magical Trade
Saturday, September 23, 2023
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Magical Trade
No Result
View All Result
Home Trade News

Dow futures rise nearly 300 points as travel stocks get boost following omicron sell-off

by
December 2, 2021
in Trade News
0
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

Which States Don’t Tax Social Security Benefits?

Schedule for Week of September 24, 2023

Stock index futures rose in early trading Tuesday despite the arrival of the latest Covid variant on U.S. shores and as the White House tightened travel restrictions.

The Biden administration reacted to the news that an omicron case had been reported in California by asking businesses to proceed with vaccination requirements, even though the administration’s mandate was halted in courts pending review. The White House also tightened travel rules, requiring inbound passengers to be tested within 24 hours prior to departure.

Futures contracts tied to the Dow Jones Industrial Average gained 281advanced 0.72%, while Nasdaq 100 futures added 0.4%.

Airline, casino and energy stocks led the gainers in premarket trading.

Dow component Boeing’s shares jumped 3.6%, cruise line Royal Caribbean was up 3.6% while MGM Resorts International moved 2.7% higher, with Covid-sensitive companies benefitting amid early evidence showing the new strain may be less severe than earlier versions.

“It feels as though the market was wondering when, not if, there was going to be this new variant on our shares,” said Art Hogan, chief market strategist at National Securities. “What will be more important to the market is what we hear over the next few weeks about the efficacy of our vaccines and therapeutics.”

During regular trading on Wednesday the Dow fell about 460 points, or 1.34%. Earlier in the session the 30-stock benchmark had advanced 521 points, or 1.5%. The S&P dipped 1.18%, giving back an earlier gain of about 1.9%. The Nasdaq Composite slid 1.83%, after earlier trading 1.8% higher.

Stocks had posted strong gains earlier in the session, but fell on news that the first omicron case had been reported in California.

“Investors are increasingly cautious about the Omicron variant as well as the likelihood of faster tapering,” TD Securities said in a note to clients.

Wednesday’s whipsaw continues a highly volatile streak for stocks as the market digests what the new variant means.

Travel-related stocks were especially hard hit as investors feared that the omicron variant could lead to stricter travel requirements. Cruise companies, airlines and hotel stocks all finished the session deeply in the red.

“We’ve seen this movie before and Wall Street will likely remain COVID-variant headline driven until a clear assessment over this wave can be made,” said Ed Moya, senior market analyst at Oanda. “The next couple of weeks will likely see risk appetite take a cue from incremental Omicron updates, supply chain issues, and every inflation reading,” he added.

On the data front, weekly initial jobless claims numbers will be released Thursday at 8:30 a.m. ET. Economists are expecting a print of 240,000, according to estimates from Dow Jones. The prior reading showed 199,000 first-time filers, which was the lowest since November 1969. The November jobs report will be released on Friday.

Thursday’s reading follows a better-than-expected ADP report on Wednesday. Private payrolls increased by 534,000 in November, ahead of the expected 506,000.

While the bulk of the third-quarter earnings season is over, there are still some companies posting quarterly results. Dollar General, Kroger and Signet Jewelers report on Thursday before the opening bell. Ulta Beauty, Marvell Technology and Ollie’s Bargain Outlet are among the names on deck for after the market closes.

ShareTweetPin

Related Posts

Which States Don’t Tax Social Security Benefits?

by
September 23, 2023
0

Schedule for Week of September 24, 2023

by
September 23, 2023
0

Legendary investor Jeremy Grantham calls Elon Musk a ‘wonderful propagandist’ and warns home prices will fall 30%. Here are the best 10 quotes from a new interview.

by
September 23, 2023
0

OnlyFans Has Minted A New Group Of High Earners And Millionaires, Here is Where They Are Investing Their Money

by
September 23, 2023
0

Deutsche Bank Predicts up to 120% Upside for These 2 ‘Strong Buy’ Stocks — Here’s Why They Could Jump

by
September 23, 2023
0

Next Post

Alibaba Stock Hits Record Low in Hong Kong Amid Delisting Concerns. Here’s What to Know.

Dow futures rise 200 points as travel stocks get boost following omicron sell-off

Leave a Reply Cancel reply

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

email

Get the daily email about stock.

Please Enter Your Email Address:



By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • Fund manager believes FAANG is dead — says now it’s all about MANTA

    0 shares
    Share 0 Tweet 0
  • Forget Tesla — this auto stock is the one to buy right now, analyst says

    0 shares
    Share 0 Tweet 0
  • Bank of America names its top global tech stocks — including one it says has upside of 100%

    0 shares
    Share 0 Tweet 0
  • This idiot-proof portfolio has beaten traditional stocks and bonds over 50 years

    0 shares
    Share 0 Tweet 0
  • Josh Brown says Nvidia’s potential is ‘scary’ ahead of a potential AI boom

    0 shares
    Share 0 Tweet 0
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.magicaltrade.net
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

All rights reserved by www.magicaltrade.net