Stock futures in New York gained on Wednesday after experiencing a day of mass sell-offs amid hysteria surrounding the Omicron coronavirus variant and the uncertain impact that it may have on the economy.
After closing at nearly 2% lower on Tuesday afternoon, S&P 500 futures rose by 1.22% after trading commenced on Wednesday morning. Dow Jones futures gained nearly 300 points on Wednesday morning, resulting in a 0.85% gain, while Nasdaq futures climbed by 1.46%.
The S&P ended November with a monthly drop of 0.8%, while the Dow Jones slipped by 3.7%. The Nasdaq managed to squeeze out a 0.3% gain in November.
Vaccine makers were among the few stocks that excelled during November, with Pfizer skyrocketing by 23%, marking its best November performance since 1991. While Moderna gained 2%, the stock declined significantly on Tuesday after CEO Stephane Bancel explained that there was a possibility that the company’s COVID vaccine would not be as effective when combatting the Omicron variant.
Employment in the private sector rose in November, with private payrolls in the United States growing by 534,000. This exceeds analysts’ forecasts of a 534,000 growth.
