Wall St set to open 1% greater as tech shares roar again By Reuters


© Reuters. FILE PHOTO: A street sign for Wall Street is seen in front of the New York Stock Exchange (NYSE) in New York City, New York, the United States, July 19, 2021. REUTERS / Andrew Kelly

By Sruthi Shankar and Devik Jain

(Reuters) – US stocks are likely to open 1% higher on Tuesday as tech companies rallied on easing concerns about the Omicron variant, while Intel (NASDAQ 🙂 jumped on plans to publicize its self-driving car unit.

The chip giant’s shares rose 9.3% in early trading after the announcement of a plan to list Mobileye (F 🙂 in the US in mid-2022.

Other chip manufacturers Advanced Micro Devices (NASDAQ :), Micron Technology (NASDAQ 🙂 and Nvidia (NASDAQ 🙂 gained 3.0%. Big tech stocks, Google owner Alphabet (NASDAQ :), Microsoft (NASDAQ :), Amazon (NASDAQ 🙂 and Apple (NASDAQ 🙂 gained almost 2%.

Tesla (NASDAQ 🙂 Inc. was up 3.7% in pre-trading after falling into bear market territory on an intraday basis on Monday, or 20% from its all-time high.

Some high-growth stocks have been hurt in the past few days as investors switched to sectors like energy, banks that will do better in a tense US monetary environment. The news of the Omicron variant also brought volatility to the market last week.

However, US stock indices closed higher on Monday as investors were encouraged by bullish comments from a senior US official on the latest variant of COVID-19. The CBOE volatility index also fell from its 10-month high it hit last week.

“We believe that in 2022 markets will continue to experience periods of optimism and pessimism about inflation and growth, switching between these views until clarity is achieved,” said Willem Sels, global chief investment officer, private banking and Wealth Management at HSBC.

At 7:02 p.m. ET, they increased 355 points, or 1.01%, increased 60.25 points or 1.31%, and increased 284.75 points, or 1.8%.

Shares of Vir Biotechnology (NASDAQ 🙂 rose 11.3% after UK drug maker GSK said an antibody-based COVID-19 therapy it is developing with Vir will be effective against all mutations in the new Omicron variant.

Travel stocks continued the momentum, with Carnival (NYSE 🙂 Corp and United Airlines rising 3.3% and 2.6% respectively, leading the gains among the major airlines and cruise lines.

American Airlines (NASDAQ 🙂 Group Inc rose 2.8% after the airline announced that Chief Executive Officer Doug Parker would retire on March 31.

Oil stocks included Exxon Mobil (NYSE 🙂 and Chevron Corp (NYSE 🙂 rose, tracking gains in crude oil prices.

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