The S&P 500 and Dow futures hit all-time highs on Tuesday, building on a record-setting rally amid thin trading volumes, with investors trying to shrug off the impact from Omicron-driven travel disruptions and store closures.
Apple Inc(AAPL.O) closed all of its 12 New York City stores to indoor shopping, the latest company to tighten protocols as cases surged across the United States and prompted thousands of flight cancellations for the fourth day on Monday.
However, strong consumer demand trends reinstated confidence about the underlying economic strength and helped Wall Street climb for a fourth straight day on Monday. The S&P 500 and Nasdaq posted their best four-day rally since November 2020.
Data last week showing the Omicron variant being less deadly than feared, and new pills and more vaccines to fight COVID-19 also spurred risk appetite, putting the three main indexes on pace for monthly gains.
At 8:00 a.m. ET, Dow e-minis were up 91 points, or 0.25%, S&P 500 e-minis were up 11.75 points, or 0.25%, and Nasdaq 100 e-minis were up 77.75 points, or 0.47%. Some megacap companies have roared in the recent rally, with Apple Inc (AAPL.O) — up marginally in premarket trading — within spitting distance of becoming the first U.S. company to hit $3 trillion in market capitalization.
Stocks making the biggest moves premarket: Apple, Vipshop, Coinbase and others
Apple (AAPL) – The company is once again approaching a $3 trillion market value, needing to reach $182.86 per share to achieve that milestone. Separately, Apple is closing its 12 New York City stores to indoor traffic due to the spread of the Covid-19 omicron variant. Apple edged higher by 0.3% in premarket action.
Tesla（TSLA）– Tesla has 30% upside in 2022 on China demand, Wedbush Says, and reiterates its outperform rating and $1,400 price target. Tesla stock added 1.77% in premarket.
Nvidia (NVDA) – The graphics chip maker’s shares added 1.2% in the premarket after rising for the past 4 days in a row and helping to lead the iShares Semiconductor ETF (SOXX) to a record high in Monday trading. Advanced Micro Devices (AMD) – also a big factor in driving the SOXX higher – added 1% in premarket trading. Chip stocks have been rising amid supply shortages and strong demand, leading to higher prices for chips.
Coinbase (COIN) – The cryptocurrency exchange operator’s shares dropped 2.2% in the premarket as the price of bitcoin retreated, putting the stock in danger of breaking a four-day win streak that saw it gain 17.7% over that stretch.
Vipshop Holdings (VIPS) – The China-based e-commerce company’s stock fell 2.4% in the premarket after cutting its current-quarter revenue guidance. Vipshop cited its “latest view on the market and operational conditions” without being specific, but a Jefferies report said warmer weather and an increase in Covid-19 cases likely dented consumer demand.
R.R. Donnelley (RRD) – R.R. Donnelley slid 1.6% in premarket trading after the business communications and marketing services company disclosed an intrusion into its technical systems. Donnelley said it is investigating and is not aware of any client data being compromised.
Extreme Networks (EXTR) – The cloud computing company’s stock jumped 3.6% in premarket action after Needham raised its price target on the stock to $18.50 per share from $16. The stock had closed Monday at $16.03.
Howard Hughes (HHC) – The real estate firm has reportedly agreed to sell a controlling interest in the Bank of America Tower in Chicago to private equity firm Oak Hill Advisors for more than $1 billion, according to a Dow Jones report quoting sources familiar with the deal.