Toplines Before US Market Open on Thursday

Tiger Newspress2021-12-23

U.S. stock index futures ticked higher on Thursday, helped by early data suggesting the Omicron variant of the coronavirus was less severe than feared, while investors looked ahead to weekly jobless claims and monthly inflation numbers

At 8:00 a.m. ET, Dow E-minis were up 119 points, or 0.33%, S&P 500 E-minis were up 15.25 points, or 0.33% and Nasdaq 100 E-minis were up 42.75 points, or 0.26%.

*Source From Tiger Trade, EST 08:00

As investors head into the new year following what has been a bumper year for the stock markets, the economic and health impact of Omicron variant will be in the spotlight.

The S&P 500 is on track for an 87% gain since the end of 2018, its best three-year performance in more than two decades.

"The new Omicron variant still casts its shadow over the economy, even though the latest reports support the notion that, whilst being much more transmittable, its health impact is considerably less," Elwin de Groot, head of macro strategy at Rabobank, wrote in a note.

With trading volumes thinner than usual ahead of Christmas and New Year holidays, Wall Street's main indexes looked set to wrap up a short week on an upbeat note.

Stocks making the biggest moves in the premarket:

Novavax (NVAX) – Novavax jumped 3.4% in the premarket after the drugmaker said a two-dose treatment of its Covid-19 vaccine demonstrated strong immune responses against the omicron variant. It did add that the response to omicron was lower than that against the original virus strain and that a booster dose would likely be helpful.

Macau gaming stocks – Companies operating casinos in Macau saw their shares jump in premarket trading, following the end of a 45-day public gaming consultation. The results of that consultation apparently calmed fears about new regulations that could hurt industry profits.Las Vegas Sands (LVS) rallied 4.2%, Wynn (WYNN) added 3.4%, Melco Crown Entertainment (MLCO) jumped 5.2% and MGM Resorts(MGM) was up 1.1%.

Tesla Motors (TSLA) – Tesla CEO Elon Musk said he was “almost done” with share sales after suggesting earlier in the week that he had completed planned sales. His latest statement made reference to the completion of prearranged sales related to the exercise of stock options. Tesla rose 1% in premarket trading.

JD.com (JD) – JD.com shares slumped 7.8% in premarket action, following news that China-based social media companyTencentwould distribute most of its stake in the e-commerce firm to shareholders in the form of a $16.4 billion dividend.

Nikola Corporation (NKLA) – Nikola added 3.9% in the premarket after saying it had completed delivery of its first electric vehicle and that more were on the way.

Stitch Fix Inc. (SFIX) – Stitch Fix added 1.8% in the premarket after shareholder Working Capital Advisors disclosed the purchase of 3.4 million shares in the online clothing styling company, bringing its total holdings to 10.6 million shares.

Mission Produce, Inc. (AVO) – The provider of fresh produce to retail and wholesale customers fell 6 cents short of estimates with a quarterly profit of 24 cents per share, while revenue also fell short of forecasts. The company said supply challenges impacted its results, and the stock tumbled 9% in premarket trading.

Crocs (CROX) – The casual footwear company announced a deal to buy privately held rival Heydude for $2.5 billion in cash and stock. The two sides expect the transaction to close during the first quarter of 2022. Crocs fell 3.4% in the premarket.

OCDX (OCDX) – The in vitro diagnostics company will be acquired by diagnostics technology provider Quidel(QDEL) in a $6 billion cash-and-stock deal valued at $24.68 per share. Ortho stock surged 16.1% in premarket trading while Quidel tumbled 7.2%.

SciPlay Corporation (SCPL) – The digital game developer’s stock plummeted 18.2% in the premarket after it ended talks to sell itself to majority shareholderScientific Games(SGMS). Scientific Games shares surged 7.9%.

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