Here are some of the other big movers today: Analysts said the company can overcome Covid-related hurdles. Nike rose 3.2% before the bell after the company’s sales beat analysts expectations, despite its business in China plummeting last quarter. Wells Fargo says the guidance and commentary “could provide confidence in fundamental bottom” for fiscal year 2022.
maker of memory chips forecast second-quarter sales that beat analyst estimates. Looking at the premarket, Micron climbed 7.6% after the largest U.S. In a speech later today, Biden will encourage schools to remain open and is not expected to call for lockdowns.
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In the latest Omicron news, Biden will send 500 million free coronavirus tests to homes starting in January and send the military to help overwhelmed hospitals amid a resurgence of omicron cases. In Europe, electricity prices leaped to a record as a shortage of natural gas put pressure on power grids already struggling with nuclear outages and freezing temperatures. Reversing a dismal trend, China’s developer stocks jumped the most in a month and traders are not certain of the catalyst. Expect Fed speakers to address this in coming days While sentiment took a hit after Democratic Senator Joe Manchin rejected President Joe Biden’s tax-and-spending package on Sunday, a call between the two has stoked optimism the deal isn’t dead, prompting speculation that the Fed may have no choice but to delay its tightening campaign as $1.75 trillion in fiscal stimulus won’t be coming.Īlso collapse of BBB – i.e., loss of $1.75T in fiscal stimulus – means Fed will have to ease monetary stimulus tightening. Markets have been whipsawed going into the holiday season as investors assess economic risks from the spread of the omicron virus variant and a hawkish central-bank pivot. 10Y yields rose above 1.45%, the dollar was flat and cryptos jumped, with bitcoin trading close to $50,000 again and ether above $4000. Asia stocks closed higher bolstered by a rebound in Japan (+2.1%) and a rally in Chinese property developers. Europe’s Estoxx50 was higher by 1.3% as the mining sector climbed 2.4%. Emini S&P futures were up 1% or 44.50 points, Nasdaq futures were up 170 points ot 1.09% and Dow futures were up 314 points or 0.9% as the recent bout of turbulent moves continues. Perhaps catalyzed by Goldman’s persistent bullishness (see “ As Markets Slide, Here Is Goldman’s Bull Case: $125 Billion In January Inflows“), or perhaps it was just a booster shot of optimism that vaccines will keep the omicron outbreak in check coupled with hope for a revival of Joe Biden’s $2 trillion economic package (see “ Here Is The “Fallback Plan” Manchin Would Support… And Why Goldman Thinks It Wouldn’t Move The Needle“), or maybe the Santa rally decided to make a scheduled appearance (it usually begins on Dec 21) but on Tuesday US futures, Asian markets and European bourses all rebounded after three days of steep selling.
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