Stock Futures Looking to Overcome Omicron Concerns

All three benchmarks are mired in three-day losing streaks

Deputy Editor
Dec 21, 2021 at 9:13 AM
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Looking to snap their Omicron variant-induced losing streaks and bounce back from yesterday's steep selloff, Dow Jones Industrial Average (DJI) and Nasdaq-100 Index (NDX) futures are up triple digits, while futures on the S&P 500 Index (SPX) climb higher as well. Travel stocks appear to be making modest rebounds before the open, while the U.S. Treasury yields are all staging a climb as well. Meanwhile, the U.S. current account deficit widened 8.3% in the third quarter.

The Centers for Disease Control (CDC) has declared omicron the dominant variant in the U.S., while the Biden administration has agreed to deploy military personnel to aid overcrowded hospitals. The White House has also agreed to purchase 500 million at-home tests for delivery in January. 

Continue reading for more on today's market, including:

  • S&P 500 levels to watch, according to Schaeffer's Senior Vice President of Research, Todd Salamone. 
  • A look at CarMax stock ahead of earnings. 
  • Plus, Nike set to lead the Dow; Citrix Systems rumors swirl; and General Mills' post-earnings bear gap. 

futures Dec21

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.6 million call contracts traded on Monday, and over 758,339 put contracts. The single-session equity put/call ratio fell to 0.47, and the 21-day moving average stayed at 0.49.
  2. Dow stock Nike Inc (NYSE:NKE) is up 3.6% pre-market, after the retailer reported better-than-expected fiscal second-quarter earnings and revenue. No fewer than five analysts lifted their price targets, including Truist Securities to $196 from $190, though J.P. Morgan Securities slashed its price target to $185 from $192. 
  3. Tech stock Citrix Systems Inc (NASDAQ:CTXS) is up 8.8% before the bell, after a Bloomberg report stating that Elliott Investment Management and Vista Equity Partners are considering a joint bid for the cloud company. Down 35.7% year-to-date, CTXS is looking to climb further from this month's four-year lows. 
  4. General Mills Inc (NYSE:GIS) is down 5.3% in electronic trading, after a mixed second-quarter report. The Cheerios parent posted fiscal second-quarter earnings of 99 cents per share, which is lower than the anticipated $1.05 per share, along with better-than-expected revenue. And though the company raised its full-year guidance, supply chain disruptions still weigh. 
  5. There is no more economic data of note today. 
OV Buzz Chart Dec 21

International Markets Rebound as Well

Asian markets found their footing on Tuesday, as traders continued to monitor any updates on the Covid-19 omicron variant. Chip stocks led the way, boosted by Micron’s (MU) beat-and-raise stateside. The Nikkei in Japan saw the biggest jump, rising 2.1%, while China’s Shanghai Composite added 0.9%, the South Korean Kospi jumped 0.4%, and the Hong Kong Hang Seng rose 1%.

European markets are also making a comeback, amid news that U.K. Prime Minister Boris Johnson chose not to impose tighter social restrictions over the holidays, though these restrictions could still be on the way in the future. Meanwhile, the Novavax vaccine has been approved by the European Union (EU). At last check, the London FTSE 100 and French CAC 40 are up 1%, while the German DAX is up 1.1%.





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