U.S. Stock Futures Mixed as Investors Weigh Omicron Threat

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U.S. Stock Futures Mixed as Investors Weigh Omicron Threat
Credit: © Reuters.

By Oliver Gray

Investing.com - U.S. stock futures traded mixed in early APAC deals on Tuesday, with major benchmark indices rebounding during Monday’s regular trade amid easing fears around the coronavirus Omicron variant as President Joe Biden's chief medical adviser Dr. Anthony Fauci noted encouraging early data that may suggest the strain is less deadly than previously feared.

The Dow gained 646.95 points on Monday, or 1.8%, to 35,227.03. Meanwhile, the Nasdaq Composite climbed out of negative territory and ended 0.9% higher to 15,225.15. The S&P 500 rose 1.1% to 4,591.67. All three major averages finished the week lower on Friday.

Dow Jones 30 Futures added 0.05%, S&P 500 Futures were flat, while Nasdaq 100 Futures lost 0.06%.

Among stocks, big financial names were boosted as long term bond yields lifted. JPMorgan Chase & Co (NYSE: JPM ) added 1.18%, Bank of America Corp (NYSE: BAC ) gained 0.64%, First Republic Bank (NYSE: FRC ) added 3.7%, State Street Corp (NYSE: STT ) surged 4%, Citizens Financial Group Inc (NYSE: CFG ) added 2.61% and Wells Fargo & Company (NYSE: WFC ) added 2.22%.

Energy stocks were also higher amid rising oil prices after Saudi Arabia hiked its selling prices for oil exports to U.S. and Asian customers. Exxon Mobil Corp (NYSE: XOM ) gained 1.13%, Chevron Corp (NYSE: CVX ) lifted 1.56% and ConocoPhillips (NYSE: COP ) was up 2.39%.

Market participants also proved optimistic on reopening trades as airlines and cruise companies closed in the green. Delta Air Lines Inc (NYSE: DAL ) surged 6%, Southwest Airlines Company (NYSE: LUV ) gained 2.89%, United Airlines Holdings Inc (NASDAQ: UAL ) lifted 8.32%, JetBlue Airways Corp (NASDAQ: JBLU ) rallied 4.93%, Norwegian Cruise Line Holdings Ltd (NYSE: NCLH ) popped 9.51% and American Airlines Group (NASDAQ: AAL ) added 7.88%.

Technology heavyweights also rebounded as market participants bought into last week’s dip. Amazon.com Inc (NASDAQ: AMZN ) added 1.11%, Microsoft Corporation (NASDAQ: MSFT ) was up 0.98%, Meta Platforms Inc (NASDAQ: FB ) gained 3.59%, Apple Inc (NASDAQ: AAPL ) lifted 2.15% and Alphabet Inc (NASDAQ: GOOGL ) closed 0.81% higher. 

In electrical vehicle stocks, Lucid Group Inc (NASDAQ: LCID ) dropped 5.1% after receiving a subpoena from the Securities and Exchange Commission related to its special purpose acquisition company merger deal with Churchill Capital Corp. Tesla Inc (NASDAQ: TSLA ) dipped 0.59% after Reuters reported that the U.S. Securities and Exchange Commission is launching a probe into whistleblower claims alleging the company failed to notify its shareholders of solar panel defects.

On the bond markets, United States 10-Year yields were at 1.433%.

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