Overnight trading on Monday saw stock futures rise following fears of the rapidly-emerging omicron Covid variation.

The Dow Jones Industrial Average futures gained 110 points. S&P 500 futures rose 0.3% and Nasdaq 100 futures climbed 0.5%.

Nike shares jumped about 3% in extended trading after the sneaker maker reported quarterly earnings and salesThis was despite continuing supply chain pressures. Analysts were surprised by the results.

After a disappointing Wall Street day with little trading volume before the holiday, overnight activity was triggered. For the third straight negative session, the blue-chip Dow fell more than 400 point. The S&P 500 and the Nasdaq Composite both declined more than 1% Monday. The S&P 500 had its biggest three-day drop since September, falling 3% over the period.

The omicron surge has kept investors on edge with the variant now found in at least 43 states and 90 countries. The World Health Organization has confirmed that omicron can be more infectious than previous versions of Covid-19. According to federal officials, 73% were caused by omicron in new cases of infection that occurred last week in the United States.

Monday’s sell-off erased the S&P 500’s earlier gains in December, pushing the equity benchmark to the flatline this month. While the Dow is currently up 1.3%, the Nasdaq has fallen nearly 3.6% this month. This is on pace for breaking a two-month streak of winning.

Nationwide’s chief for investment research, Mark Hackett said, “As the holiday week approaches amid Omicron cases surging, continual supply chain pressures, failure of The Build Back Better Plan, increased volatility, and smaller trading volumes could cause markets to overreact. This could create a buying opportunity during the run up to Christmas.”

Also, investors evaluated the prospects of President Joe Biden’s economic agenda. The Senate will voteOn January 1, Biden passed a comprehensive social safety net bill and climate policy bill, despite opposition from Sen. Joe Manchin. If Democrats try to pass smaller bills that include only parts of the entire package, it is not clear.