S&P futures near record high in bright start to new year

Send a link to a friend  Share

[January 03, 2022]    By Bansari Mayur Kamdar

(Reuters) - Futures tracking the S&P 500 neared record levels on Monday as Wall Street looked to extend a recovery from the pandemic shock into the new year, while shares in heavyweight Tesla jumped after the electric carmaker posted bumper delivery numbers.

 

Tesla's shares rose 6.9% in premarket trading after the company's quarterly deliveries exceeded Wall Street estimates, riding out global chip shortages as it ramped up China production.

The company's record deliveries also boosted other companies in the electric vehicle sector including Lucid Group and Rivian Automotive, which added 1.5% and 2.0% respectively. Chinese EV makers Nio and Xpeng added more than 2% each following a jump in their deliveries.

Shares of oil majors Chevron Corp and Exxon Mobil Corp gained more than 1% each as crude prices rose on tight supply and hopes of a further demand recovery in 2022. [O/R]

Concerns around the new Omicron coronavirus variant lingered in the new year after top U.S. infectious disease expert Anthony Fauci warned that there was still a danger of a surge in hospitalization due to coronavirus cases even as early data suggested that Omicron is less severe.

All of Wall Street's main indexes ended 2021 with monthly, quarterly and annual gains, recording their biggest three-year advance since 1999. The S&P 500 added 27% in 2021 and reported 70 record-high closes, its the second-most ever, in a tumultuous year hit by new COVID-19 variants and supply chain shortages.

At 7:48 a.m. ET, Dow e-minis were up 158 points, or 0.44%, S&P 500 e-minis were up 26 points, or 0.55%, and Nasdaq 100 e-minis were up 109.25 points, or 0.67%.

The IHS Markit's flash manufacturing PMI data, due at 9:45 a.m. ET (0245 GMT), will be looked at for the impact of the surge in COVID-19 cases on manufacturing activity after it slowed to a one-year low in its last reading.

(Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Maju Samuel)

[© 2022 Thomson Reuters. All rights reserved.]

Copyright 2022 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.  Thompson Reuters is solely responsible for this content.

 

 

Back to top