Watch US STOCKS-Wall Avenue set to rise as COVID-sensitive sectors get better – Yahoo Finance News

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    Watch US STOCKS-Wall Avenue set to rise as COVID-sensitive sectors get better – Yahoo Finance News Youtube HD Video Online

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    * Nasdaq futures hit file excessive on tech demand

    * Announcement on subsequent Fed Chair awaited

    * Futures up: Dow 0.09%, S&P 0.18%, Nasdaq 0.34% (Provides remark, updates costs)

    By Ambar Warrick and Devik Jain

    Nov 22 (Reuters) – Wall Avenue indexes have been set to rise on Monday as vitality and financial institution shares recovered barely from final week’s losses, whereas upcoming financial information and an anticipated announcement on the subsequent Federal Reserve chair stored positive aspects in examine.

    Nasdaq index futures hit a file excessive as demand for expertise shares remained robust. Heavyweights together with Amazon , Apple and Meta Platforms rose between 0.2% to 0.7% in premarket commerce.

    The tech sector outperformed final week, serving to the Nasdaq shut over the 16,000 stage for the primary time as considerations over rising COVID-19 instances in Europe drove up safe-haven demand.

    “My guess is that (tech demand) is short lived and it’s just a reaction to the increase in cases. We will see a bid for some of the laggard stocks and as this blows over, will have a more balanced market,” mentioned Thomas Hayes, managing member, Nice Hill Capital LLC, New York.

    Financial institution shares have been set to get better from steep losses logged final week, when safe-haven demand despatched Treasury yields down sharply. Shares of main Wall Avenue lenders rose between 0.3% and 0.7% as yields rose on Monday.

    Travel and vitality shares, which have been among the many worst performers final week, additionally marked small positive aspects earlier than the open.

    Nonetheless, general positive aspects have been constrained as buyers awaited an announcement this week from U.S. President Joe Biden on his choose for the subsequent Fed chair. The White Home has promised he’ll decide on a Fed chair earlier than Thanksgiving.

    Present chair Jerome Powell is broadly anticipated to remain on for an additional time period, though Fed Governor Lael Brainard can also be seen as a candidate for the place.

    “In the case of Powell, the market will take it in its stride … (with) Brainard you’d see some short-term volatility just until the market can get some sense of where she wants to steer the ship,” Hayes mentioned.

    Buyers have been additionally awaiting a slew of financial information this week, together with IHS enterprise exercise readings, private consumption expenditure, and minutes of the Fed’s newest assembly.

    At 08:17 a.m. ET, Dow e-minis have been up 31 factors, or 0.09%. S&P 500 e-minis have been up 8.25 factors, or 0.18%, and Nasdaq 100 e-minis have been up 55.75 factors, or 0.34%.

    Tesla Inc gained 2.4% after CEO Elon Musk tweeted that the Mannequin S Plaid will “probably” be coming to China round March.

    Activision Blizzard slipped 1.2% after a media report that the online game writer’s prime boss, Bobby Kotick, would contemplate leaving if he can not shortly repair tradition issues. (Reporting by Ambar Warrick in Bengaluru; Modifying by Maju Samuel and Shounak Dasgupta)

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