Stocks, U.S. futures rise in rebound from slump
BNN Bloomberg
Stocks rose with U.S. equity futures Tuesday on wagers that vaccines can help tame the omicron virus outbreak and signs that U.S. President Joe Biden could yet revive his US$2 trillion economic agenda.
Stocks rose with U.S. equity futures Tuesday on wagers that vaccines can help tame the omicron virus outbreak and signs that U.S. President Joe Biden could yet revive his US$2 trillion economic agenda.
European shares rebounded, with miners in the lead as commodities gained. Contracts on S&P 500 and Nasdaq 100 futures were also in the green, signaling stabilization after a global equity index dropped the most this month on Monday. Asian shares were bolstered by a rebound in Japan and a rally in Chinese property developers.
Markets have 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. While sentiment took another 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.
Treasury yields ticked up and the dollar were little changed, while crude oil was in the green. European power prices surged to a record amid a crunch in France.
“There is more uncertainty than I think most people thought we would see here as they were anticipating a Santa Claus rally,” Victoria Fernandez, Crossmark Global Investments chief market strategist, said on Bloomberg Television. “Volatility and uncertainty are the key terms that will lead us into the new year.”
