Markets Up Despite Fed Taper, Omicron Fears

U.S. stock futures were up on Monday, despite the upcoming Fed tapering decisions and the surge of Omicron cases in Europe.

Markets expect the Federal Reserve to accelerate tapering of its bond purchases. This is particularly true after November’s shocking 6.8% jump in consumer prices. After the biggest spike in inflation in 40 years, most expect the Fed to act.

On the other hand, fears of the Omicron variant are weighing on markets in Europe. British Prime minister warned of a potential “tidal wave” of Omicron infections and called for the public to take the third dose of the COVID vaccine.

Level Chg. Chg. %
DOW Futures 35,892.00 15 0.04%
S&P 500 Futures 4,713.75 54 1.16%
Nasdaq Futures 16,396.75 64.5 0.39%

U.S. Dollar and Treasuries

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The yield on the 10-year Treasury fell two basis points. The dollar strengthened against a basket of major currencies.

Price Chg. Chg. %
U.S. Dollar Index (DXY): 96.28 +0.18 +0.19%

 

Yield Change Previous close
U.S. 1 Year Treasury Bill 0.264% 0.004 0.260%
U.S. 5 Year Treasury Note 1.245% -0.008 1.253%
U.S. 10 Year Treasury Note 1.466% -0.020 1.486%

 

Stocks To Watch

Shares of Arena Pharma shot up more than 90% on reports of a potential purchase from drugmaker Pfizer. The target price is reportedly that of $100 per share.

Pfizer itself jumped 1% in premarket trading. This was due to an Israeli study showing that its booster shots were effective against the Omicron variant.

Shares of Novavax spiked in premarket trading. The increase came after the company applied for emergency use of its vaccine in the United Arab Emirates.

Shares of General Motors were stable in premarket trading, after jumping 6% on Friday. The company announced investing $3 billion in an EV plant in Michigan, potentially competing with Tesla. The company will also benefit from the proposed $12000 Biden’s tax credit for American union-made EVs.

Shares of Harley Davidson spiked 10% after the company announced it would spin LiveWire into a separate company. LiveWire, which has its own motorcycle brand, will go public through a SPAC deal.

Symbol Company Name Price Chg. % Volume
HOG Harley-Davidson Inc. $40.89 11.08% 401.14K
PFE Pfizer Inc. $53.41 1.19% 171.2K
GM General Motors Co. $63.12 -0.14% 40.6K
ARNA Arena Pharmaceuticals Inc. $95.63 91.49% 496.4K
NVAX Novavax Inc. $172.38 3.49% 44.94K

Commodities To Watch

Oil dropped as fears of the spread of the Omicron virus threatened demand outlook. Gold rose in premarket trading.

Resource Price Chg. %
WTI Crude Oil $70.97 -0.98%
Brent Crude Oil $74.38 -1.02%
Natural Gas $4.02 5.43%
Gold $1,790.20 0.30%
Silver $22.28 0.38%
Copper $4.31 0.50%

Crypto

Crypto is still in a bear market, as Bitcoin struggles to break $50,000. The global crypto market cap is $2.24T, a 1.34% decrease over the last day. Bitcoin’s dominance is currently 41.24%, an increase of 0.05% over the same period.

Currency Symbol Price Chg. % Market Cap.
Bitcoin BTC $48,664.10 -1.67% 919.74b
Etherium ETH $3,995.35 -1.22% 472.83b
Binance coin BNB $549.49 -3.19% 82.61b
Solana SOL $166.60 -1.99% 51.25b
Cardano ADA $ 1.303 -3.32% 40.53b

 

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