U.S. stocks began Tuesday’s session in the green as the worst-case scenario for the Omicron variant now seems less likely. The Dow traded up 500 points at the start of trading, the S&P 500 gained 1.92%, or 88 points, and the Nasdaq Composite Index traded up nearly 3%, or 410 points. Investors seem to believe the market is poised for more growth in the months ahead.
GlaxoSmithKline, a British pharmaceutical company, stated that its COVID therapy is effective against the new variant.
U.S. Treasuries and Dollar
U.S. Treasury yields rose as investors rushed back into stocks. The yield on the 10-year Treasury rose 2 basis points. The dollar strengthened against other major currencies.
|U.S. Dollar Index (DXY):||96.39||+0.06||+0.06%|
|U.S. 1 Year Treasury Bill||0.277%||0.02||0.257%|
|U.S. 5 Year Treasury Note||1.234%||0.024||1.210%|
|U.S. 10 Year Treasury Note||1.449%||0.014||1.435%|
Stocks To Watch
Tech companies are benefitting significantly from the market rebound.
Shares of tech company Intel soared on the news that it would take Mobileye public. The IPO could value Mobileye, Intel’s self-driving car unit, at $50 billion. The move reflects the enthusiasm for self-driving tech, as major tech companies like Google and Tesla work on their own version. Intel intends to maintain the majority ownership of Mobileye.
Shares of Uber rose in premarket trading after spiking more than 7% on Monday. The jump was due to reports of potential outside investment in its Middle East unit Careem.
Shares of Twitter rose after reports that Cathie Wood’s ARK Investment Management is buying up the stock. On the other hand, the famous growth fund sold shares of Facebook, Amazon, and Tesla.
Shares of graphics card manufacturer Nvidia rebounded after yesterday’s 2% drop. Chipmaker AMD rebounded on tech surge as well.
|Symbol||Company Name||Price||Chg. %|
|UBER||Uber Technologies Inc.||$39.86||3.55%|
|AMD||Advanced Micro Devices Inc.||$141.87||1.97%|
Commodities To Watch
|WTI Crude Oil||$71.50||2.89%|
|Brent Crude Oil||$74.85||2.42%|
The global crypto market cap rose 6.24%, as crypto markets recovered from Sunday’s selloff.
|Currency||Symbol||Price||Chg. %||Market Cap.|