Wall Street Futures Maintain Upside Momentum After Strong Rebound
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- Stock futures in the US advance with Dow futures up more than 300 points on Tuesday
- Major indexes on track to kickstart regular trading on a high note after strong Monday gains
What’s on Focus in the Markets?
US stock futures gain considerably on Tuesday, continuing the strong performance from a day earlier. So far this week, stocks across the board have received a boost from increased investor appetite. On this note, futures contracts tied to the major averages floated higher early Tuesday.
More precisely, Dow futures were up over 300 points, or 0.9%. Also, S&P500 futures and Nasdaq futures pointed higher by 0.8%, and 0.9%, respectively. To this end, Wall Street appears to shift into gears with renewed positive sentiment.
In that context, participants in financial markets are betting the Omicron strain will not leave a heavy footprint on the economy.
Also, the new Covid-19 variant is likely to cause milder illness than previously anticipated. In turn, this fueled confidence in traders the rally could continue.
Where Are Stocks Headed?
As a result, Wall Street stocks advanced to start the week, following a Friday selloff. In more detail, the broad-based S&P500 recouped almost all of its losses from last week. That said, the index gained 1.2% on Monday.
Additionally, the Dow Jones Industrial Average rallied 1.9% as the 30-stock benchmark climbed above what it had lost on Friday. Also, the Nasdaq Composite added 0.9% on Monday with big tech names taking the lead.
Specifically, Meta Platforms (ex-Facebook) soared 3.6%, while Apple ticked higher by 2%. Further, Amazon, Microsoft, and Google parent Alphabet advanced by roughly 1% each.
What’s the Latest News on Bitcoin?
Bitcoin, the original cryptocurrency, is pushing higher early Tuesday as bulls scoop up discounted tokens. After the widespread weekend selloff, major cryptos are now close to erasing all their losses from three days ago.
This said, on Saturday, leading tokens, including bitcoin and Ether, dropped by as much as 20% on the day. Those losses have already been recouped in the price of the Ethereum coin. With this in mind, the second-biggest token is now trading near $4,400 after it gained 26% from its weekend low near $3,500.
Bitcoin, on the other hand, still has about $3,000 to cover so it could rise to its level before the dive. Presently, the price of the orange coin hovers near $51,000 apiece, up about 20% over the past two days.
What’s Next for Traders and Investors?
Later in the week, traders and investors will be watching for the November inflation report from the US. Scheduled for Friday, the consumer price index (CPI) report will highlight the pace of price growth for the past month.
Recently, inflation has been surging globally, but especially on US soil. October’s data showed US consumer prices rose at their fastest pace since 1990 as CPI numbers hit 6.2% annual growth.
Today’s Economic Calendar (EST times)
- 05:00 am, EUR, German ZEW Economic Sentiment (Dec)
- 10:00 am, CAD, Ivey PMI (Nov)
- 06:50 pm, JPY, GDP (QoQ) (Q3)
Check our calendar right here.
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