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A
rapidly spreading Omicron variant has rattled stock markets
around the world, triggering major routs in the final month of
the year, as investor fret about its impact on the global
recovery.
Shares of Nike Inc rose 3.6%, leading gains among Dow components
trading premarket, as it beat quarterly estimates for profit and
revenue, and sounded confident of a letup in supply chain
problems in its next fiscal year.
Micron Technology Inc led gains among chipmakers, with an 8%
jump, after it forecast upbeat second-quarter earnings and
topped Wall Street expectations for quarterly profit and
revenue.
Their positive quarterly updates helped allay some concerns
about broader supply chain constraints in a high inflation
environment, which has become a cause for concern for central
banks globally.
Shares of fellow semiconductor makers, including Nvidia Corp,
Qualcomm Inc, Intel Corp and Advanced Micro Devices Inc, rose
between 0.7% and 2.7%.
Mega-cap growth firms, including Tesla Inc, Microsoft Corp,
Apple Inc, Amazon.com Inc, Meta Platforms and Alphabet Inc, rose
between 0.8% and 1.6% after taking a beating in the previous
session.
Investors have taken a more defensive stance this month, with
sectors such as consumer staples, real estate and utilities
among top gainers in December.
At 6:43 a.m. ET, Dow e-minis were up 319 points, or 0.92%, S&P
500 e-minis were up 43.75 points, or 0.96%, and Nasdaq 100
e-minis were up 170.75 points, or 1.09%.
Travel-related stocks that had fallen in the previous session on
the prospect of tighter curbs rose on Tuesday. Delta Air Lines
Inc added 1.9% to lead gains among U.S. carriers, while Wynn
Resorts gained 1.7%.
(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Anil
D'Silva)
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