Finance News

Inventory futures are flat after the S&P 500 and Nasdaq's finest day since March

Traders operate on the floor of the New York Stock Exchange (NYSE) on December 3, 2021.

Brendan McDermid | Reuters

US stock futures remained stable in overnight trading Tuesday after stocks continued their uptrend after the Omicron sell-off.

Dow futures rose 20 points. S&P 500 futures gained 0.1% and Nasdaq 100 futures rose 0.12%.

On Tuesday, the S&P 500 and the Nasdaq Composite had their best days since March. The Dow Jones Industrial Average rose 492 points, helped by gains at Apple, Salesforce and American Express. The S&P 500 also recorded a gain of 2.1%. The technology-oriented Nasdaq Composite was the outstanding performer with an increase of more than 3%.

All 11 sectors were positive on Tuesday, led by tech, which rose 3.5%.

Stocks have rebounded this week from last week's flight on fears of the Omicron-Covid variant and a potentially faster-than-expected expansion of the Federal Reserve's bond-buying program.

Tech stocks come out on top, with the Nasdaq up 4% since Monday. The Dow and S&P 500 posted their largest two-day gains since November 2020.

Marko Kolanovic, JPMorgan's chief global markets strategist, said Tuesday that investors can be confident in this rally in stocks.

"When the Omicron news hit the tape on Thanksgiving night, there was clearly an overreaction," said Kolanovic, who is also a strategist for the Institutional Investor Hall of Fame, in CNBC's "Mid-Term Report" on Tuesday. "The markets sold very quickly on news that wasn't very reliable," he added. "And now it's basically getting this back."

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This week's earnings have brought major averages back within striking distance of their record highs. The Dow is 2.3% off its record high and the S&P 500 and Nasdaq are 1.2% and 3.2% away from their all-time highs, respectively.

On Wednesday, the Bureau of Labor Statistics released the October job vacancy and workforce survey. Economists polled by Dow Jones expect there were 10.6 million vacancies in October, up from 10.4 million in September.

While the big S&P 500 companies reported their third quarter results, Campbell Soup, GameStop and Rent the Runway report on Wednesday.

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