Traders work on the floor of the New York Stock Exchange (NYSE), December 3, 2021.
Brendan McDermid | Reuters
U.S. stock futures were steady in overnight trading on Tuesday after stocks resumed their upward momentum from the omicron sell-off.
Dow futures rose 20 points. S&P 500 futures gained 0.1% and Nasdaq 100 futures gained 0.12%.
On Tuesday, The S&P 500 and Nasdaq Composite posted their best days since March. The Dow Jones Industrial Average rose 492 points on the back of gains in the week. Apple, Sales force and American Express. The S&P 500 also recorded gains, up 2.1%. The tech-focused Nasdaq Composite was the standout index after gaining more than 3%.
All 11 sectors were positive on Tuesday, led by Technology, up 3.5%.
Stocks have recovered this week from last week’s market on concerns about the Covid omicron variant and the potential for a faster-than-expected decline in the Federal Reserve’s bond-buying program.
Technology shares have taken the lead, with Nasdaq up 4% since Monday.
JPMorgan’s head of global market strategy Marko Kolanovic said on Tuesday that investors can count on this rally in stocks.
“When the news about omicron was broadcast on Thanksgiving night, there was clearly an overreaction,” Kolanovic, a strategist at the Institution of Famed Investors, told CNBC.Mid-hour report“Tuesday.” The market sold off very quickly in the face of unreliable news,” he added.
This week’s gains have put the major averages back within impressive distances from their record highs. The Dow is down 2.3% from its record and the S&P 500 and Nasdaq are 1.2% and 3.2% off their all-time highs, respectively.
On Wednesday, the Bureau of Labor Statistics will release its October Job Openings and Labor Turnover Survey. Economists polled by Dow Jones expect 10.6 million open positions in October, up from 10.4 million in September.
While the major S&P 500 companies reported third-quarter earnings, Campbell Soup, GameStop and Rent a runway reported on Wednesday.
