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Futures rise as Omicron worries ease -Breaking

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© Reuters. FILE PHOTO – Traders in face masks are seen on the New York Stock Exchange’s trading floor. The Omicron coronavirus strain continues to be spread throughout Manhattan, New York City. This was December 20, 2021. REUTERS/Andrew Kelly

By Medha Singh

(Reuters) – U.S. stock futures rose on Thursday thanks to early data suggesting that the Omicron virus of the coronavirus is less severe than feared. Investors also looked forward at weekly jobless claims as well as monthly inflation figures

Omicron was a concern for two vaccine companies. UK data indicated that Omicron could cause fewer hospitalizations in comparison to the Delta coronavirus variant. These findings are consistent with those made by South Africa.

Officials from the World Health Organization cautioned against making any definitive conclusions regarding its virulence.

Investors will focus on the Omicron variant’s economic and medical impact as they enter the New Year after a record year in stock market trading.

It is currently on pace for an 87% increase since 2018, marking its highest three-year performance in over two decades.

Elwin de Groot from Rabobank was the head of macro strategy and wrote that Omicron still has an impact on the economy.

Wall Street’s key indexes seemed to be closing the week on a positive note, despite trading volumes being lower than normal in advance of New Year and Christmas holidays.

At 6:32 AM. ET was up 101 points or 0.28%. ET was up 13 points or 0.28%. ET was up 29.5 or 0.18%.

NY shares of JD (NASDAQ.com) slumped 8.7% during premarket trading following Tencent’s announcement that it will transfer its share in the company, worth HK$127.69 Billion ($16.37B), to shareholders.

According to economic data, the November report on U.S. Consumer Spending is likely to indicate a 0.6% increase after the 1.6% jump the previous month.

A Labor Department report will likely show that the number of Americans claiming unemployment benefits has declined in the last week.

At 8:30 AM, both reports will be available. ET (1330 GMT).

On Monday, the so-called Santa Clause Rally will be held against Omicron concerns.

Based on data from CFRA Research, U.S. stock prices have increased 56 percent in the past 75 years. That includes the final five trading days December, and the first two January.

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