By Shreyashi Sanyal

(Reuters). Despite a strong start to the week, U.S. stock market futures lost direction Wednesday. This was after a successful day earlier rally.

Wall Street’s major indexes posted strong gains Tuesday. However, few market-moving catalysts or thin volumes during the past two weeks can be seen as contributing to higher volatility. In 2021, the index is projected to increase by 24%.

After South Korea, Ireland, Portugal and Germany imposed new lockdowns, investors sought out information on Omicron.

Premarket trading saw the decline of most large technology stocks. Apple Inc (NASDAQ) and Amazon.com Inc.(NASDAQ:), Meta Platforms and Alphabet Inc. declined between 0.1% and 0.4%.

Tesla (NASDAQ.) Inc rose 2.7% against the trend of its megacap peers. Elon Musk, Tesla CEO and founder said that he sold enough stock Tuesday to fulfill his plans to sell 10%.

6.54 AM ET ET was up 34 points (or 0.1%), were up 1.5 points, or0.03%, but were down 10.5points, or0.07%.

Pfizer (NYSE:) rose 0.4% following the announcement that it would provide 2.5 million additional doses of COVID-19 Pill Paxlovid in the United Kingdom.

Bloomberg News reports that the U.S. Food and Drug Administration will soon approve COVID-19 treatments from Merck and Pfizer as of Wednesday. Merck rose by around 1.1%.

The markets also anticipated a later meeting, when President Joe Biden, along with U.S officials and companies from the private sector, will discuss ongoing efforts to reduce supply chain disruptions.

The final reading of Gross Domestic Product data is scheduled for 8:30 am EST. They are expected to show a 2.1% increase in the third quarter.

Data from Conference Board is expected to show that consumers’ confidence rose from 109.5 November to 110.8 December.