The
Labor Department's weekly unemployment claims data, due at 8:30
a.m. ET (1330 GMT), is keenly awaited by investors looking to
reinforce their confidence in the U.S. economy amid surging
cases of COVID-19.
Equities have rallied recently, albeit in some of the thinnest
trading volumes that U.S. stock exchanges have seen this year,
as growing evidence emerged that the Omicron variant causes less
severe illness than the Delta strain.
Aiding sentiment, top U.S. infectious disease adviser Dr.
Anthony Fauci said on Wednesday the surge in cases of the
Omicron coronavirus variant in the United States is likely to
peak by the end of January.
"The lesser severity of Omicron infection, and shortened
quarantine guidance from the CDC, is consistent with our view
toward incremental alleviation to supply chain disruption in
early-2022," wrote Scott Chronert, a U.S. equity strategist at
Citigroup.
As Wall Street's main indexes look to exit the year with their
sharpest three-year surge since 1999, the attention will shift
towards the pace of U.S. interest rate hikes in the face of
soaring prices and supply chain logjams.
At 6:31 a.m. ET, Dow e-minis were up 20 points, or 0.05%, S&P
500 e-minis were up 4.5 points, or 0.09%, and Nasdaq 100 e-minis
were up 22.5 points, or 0.14%.
Among individual stocks, Biogen Inc slipped 6.0%, giving back
some gains from the prior session as Samsung BioLogics denied a
media report that said the South Korean firm was in talks to buy
the U.S. drugmaker.
China's ride-hailing firm Didi Global fell 4% after reporting a
decline in third-quarter revenue, as its domestic business took
a hit from a regulatory crackdown.
(Reporting by Medha Singh in Bengaluru; editing by Uttaresh.V)
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