Stock Groups

Stock futures open flat after Dow notches fifth straight day of gains

[ad_1]

On December 23rd, 2021, a trader is working on the New York Stock Exchange’s trading floor in Manhattan.

Andrew Kelly | Reuters

U.S. stock markets opened flat Tuesday evening after a mixed session in which traders evaluated the potential threat posed by the omicron Covid-19 variety.

The Dow Jones Industrial Average futures were down 0.1% or 8 points. S&P 500 futures gained just 0.1%, and Nasdaq 100 futures advanced nearly 0.2%.

Johns Hopkins University statistics show that there were more than 4 million Covid cases in America this month. It’s more than the November total of 2.54 million. A seven-day national average of cases stands at 231,888, which is more than three times the number recorded starting Nov. 27,

The Centers for Disease Control and Prevention has recently reduced the recommended isolation time for those who are positive for delta variant from 10 to 5 days if there is no evidence of symptoms. South African research also suggests that immunity to the delta variant can be increased by omicron infection.

In November’s final days of trading, stocks were in pressure due to the news about the omicron version. They have since rebounded, however, with the S&P 500 up 4.8% for December.

Joe Terranova from Virtus Investment Partners spoke on CNBC’s “Closing Bell“The market is showing resilience in recent weeks” as traders weigh both the Federal Reserve’s tighter monetary policy and its omicron variation.

He did note, however, that market risk is “clearly changing” because of higher volatility for the New Year.

Terranova stated that the market “gravitating towards a more quality holding.” Terranova said that the market doesn’t want the “speculative” areas where investors were rewarded in recent years. It’s hyper-growth stocks and high P/E. Crypto, cannabis. [names].”

The Dow gained more than 90 points during the trading session. This was its fifth consecutive day of gains. The S&P 500 eked out an intraday record before closing lower on the day. Nasdaq Composite was down 0.6%

Tuesday’s movements are occurring during the Santa Claus rally period. This includes the five last trading days of December as well as the five first five weeks of January. The market is in a historic strong period. the S&P 500 averaging a return of 1.7% since 1928.

Register to CNBC PROFor exclusive insights, analysis, and live broadcasts of business day programs from all over the globe.

[ad_2]