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Futures rebound from sharp selloff as Nike, Micron lead gains -Breaking

by Mike Robinson

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© Reuters. As the Omicron coronavirus variant continues its spread in Manhattan (New York City), U.S.A, December 20, 2021, a trader wearing a mask on the New York Stock Exchange’s trading floor works. REUTERS/Andrew Kelly

By Shreyashi Sanyal

(Reuters] – U.S. stock futures surged Tuesday following a steep selloff the previous session. Strong quarterly earnings from Nike A positive forecast by Micron, a chipmaker, helped to lift sentiment.

Omicron, an Omicron-like variant, is rapidly spreading around stock markets, creating major turmoil in the final month. Investors worry about how it might impact the global recovery.

Nike Inc. (NYSE) shares rose 3.6%. This was a leading gain among Dow components trading premarket. They beat quarterly forecasts for profit and revenues and sound confident that there will be fewer supply chain problems during the next fiscal.

Micron Technology Inc. (NASDAQ:) saw the largest gains of chipmakers with an 8.8% increase after it predicted positive second quarter earnings and beat Wall Street’s expectations for quarterly revenue and profit.

The positive quarterly updates have allayed some fears about wider supply chain constraints and high inflation, which is a concern for central bank global.

Other semiconductor companies, like Nvidia, Qualcomm, and Inc., have shares. Intel Corp (NASDAQ 🙂 and Advanced Micro Devices NASDAQ 🙂 Inc. rose between 0.7% – 2.7%

Mega-cap growth companies, such as Tesla (NASDAQ:) Inc. Microsoft Corp After taking a beating during the last session, (NASDAQ)), Apple Inc (NASDAQ)), Amazon.com Inc(NASDAQ:), Meta Platforms and Alphabet.

Investors are taking a defensive approach this month with consumer staples, real property, and utilities being the top gainers for December.

At 6:43 am. ET were up 319 point, or 92%. They were also up 43.75, or 0.96 percent, and up 170.75 or 1.09%.

Stocks in travel-related industries that fell during the session before Tuesday’s sessions rose due to the possibility of tighter restrictions. Delta Air Lines Inc. (NYSE:), gained 1.9%, and Wynn Resorts Inc. (NASDAQ:) gained 1.7%.

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