Tech rally lifts Wall Street from Omicron-driven route

  • S&P tech, sustainable consumer sectors lead profits
  • Banks sink like rate get hike bets postponed
  • Twitter down 0.6% after CEO Dorsey steps down
  • Indexes up: Dow 0.39%, S&P 1.10%, Nasdaq 1.50%

November 29 (Reuters) – Bargain shopping in technology stocks pushed Wall Street up higher on Monday after a slump met regarding Omicron, as the Dow Jones lagged behind its competitors as major banks fell and investors waited more information on the new variant of the coronavirus.

The SP technology subindex (.SPLRCT) alley met 2.1%, indicating that investors were likely in favor of pandemic resistance technology stocks amid growing fears of Omicron.

gain in Amazon.com (AMZN.O) and Tesla Inc (TSLA.O) also drove the S&P consumer goods sector (.SPLRCD) 1.7% higher, with investors see Friday’s losses as a signal for bargain hunt in high quality tech names.

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“People see it as a little bit” of a sale on Friday and a chance to in some areas to come of the market that’s what I have hit hardsaid Robert Pavlik, senior wallet manager at Dakota Wealth Management.

Wall Street indices were down between 2.0% and 3.5% on Friday next news of the Omicron variant. Investors were now waiting for a update from President Joe Biden on the virus and the country’s response, expected later in day. read more

Twitter Inc (TWTR.N) narrowed early gains and traded 0.1% lower after the social media company said CEO Jack Dorsey will step down and are succeeded by Chief Technology Officer Parag Agrawal. The move ends Dorsey’s run as CEO of two big technology companies, the second being digital payment company Square Inc (SQ.N). read more

Square’s shares 0.4% down.

the Dow (.DJI) lagged seriously behind his peers, with important bank shares die weighed heavily after government bond yields fell from the highs of the day.

Investors considered a possible slowdown in Federal Reserve interest rates plans for raising interest rates, in light of the new virus variant.

“If Omicron became a major issue, it should be bigger than the Delta waves die we just went on. There is no doubt that the (Fed) winding down would be interrupted of postponed,” said Thomas Hayes, managing member of Great Hill Capital LLC, New York.

Merck & Co Inc (MRK.N) fell 4.5% and was also under the top drags on the Dow. The stock extended Friday’s losses after updated data from a study of the experimental COVID-19 pill showed lower efficacy in Reduce risk of hospitalization and deaths than previously reported. read more

At 11:37 a.m. ET, the Dow Jones Industrial Average (.DJI) used to be up 136.63 points, of 0.39%, at 35,035.97 and the S&P 500 (.SPX) used to be up 50.66 points, of 1.10%, at 4,645.28. The Nasdaq Composite (.IXIC) used to be up 232.46 points, of 1.50%, at 15,724.11.

Including stocks, casino operators Wynn Resorts (WYNN.O) and MGM Resorts International (MGM.N) decreased 3.8% and 1.8% respectively, tracking losses in their Macau units, die were startled by arrests over alleged ties met cross-border gambling and money laundering. read more

Advanced micro-devices (AMD.O) rose 2.5% after a report on electricalcar maker Tesla has started using An new AMD chip in Model Y vehicles in China.

Teslas shares won 4.6% after a report that chief Elon Musk urged employees to reduce cost of vehicle deliveries.

apple inc (AAPL.O) won 1.9% after HSBC increased his price target on the stock of the iPhone maker.

Decreasing problems surpassed the avant-garde for a ratio of 1.06 to 1 on the NYSE and for a ratio of 1.51-to-1 on the Nasdaq.

The S&P index recorded four new Highlights of 52 weeks and 15 new lows, while the Nasdaq 29 . noted new treble and 215 new lows.

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Reporting by Ambar Warrick in Bengaluru; Editing by Shounak Dasgupta and Maju Samuel

Our standards: The Thomson Reuters Trust Principles.

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