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Thursday, December 2, 2021

Futures Rise As COVID-19 Sensitive Sectors Recover

US stock futures were higher on Monday, as energy and banking stocks rebounded slightly from last week’s losses, although expectations for several economic indicators this week have held back gains.

Nasdaq futures hit an all-time high as demand for tech stocks remained strong. Premarket trading for the heavyweights, including most of the big FAANG companies, rose.

Tech sectors largely outperformed other sectors last week, helping the Nasdaq close above 16,000 for the first time as concerns over rising COVID-19 cases in Europe have boosted demand for safe havens.

Bank stocks were supposed to recover from sharp losses last week, when demand for safe assets led to a sharp decline in Treasury yields. Yields were stable on Monday.

Travel and energy stocks, which were among the worst in the past week, also showed slight gains ahead of the opening.

Growth in most sectors has been limited, however, as investors waited for a slew of economic indicators this week, including IHS PMs, personal consumer spending, and minutes of the last Federal Reserve meeting.

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Investors are watching not only the Fed’s plans to tighten policy, but also the announcement of President Joe Biden about his choice of the next Fed chairman.

Investors expect incumbent chairman Jerome Powell to remain in office for another term, although Fed Chairman Lael Brainard is also being considered a candidate for the post.

At 6:29 am ET, the Dow e-minis rose 154 points, or 0.43 percent. The S&P 500 e-minis added 17.5 points, or 0.37 percent, and the Nasdaq 100 e-mini rose 56.75 points, or 0.34 percent.

Wall Street indices hit record highs this month as a strong third-quarter earnings season showed that much of corporate profits have yet to fall due to rising inflation and supply chain problems.

Other factors affecting the premarket include Tesla Inc. added 2.8% after CEO Elon Musk tweeted that the Model S Plaid will “probably” arrive in China around March.

By Ambar Warrick and Devik Jain

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World Nation News Deskhttps://www.worldnationnews.com
World Nation News is a digital news portal website. Which provides important and latest breaking news updates to our audience in an effective and efficient ways, like world’s top stories, entertainment, sports, technology and much more news.
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