A trader is on the floor of the New York Stock Exchange.
The stock futures moved higher in the overnight hours as investors monitored the latest developments related to the Covid omicron variant.
The futures on the Industrial Average gained 215 points. The S&P 500 futures rose 0.7%.
Friday was the worst day for the stock market in over a year. The index was down 2.5%. The S&P 500 fell 2.3% and the Nasdaq fell 2%. The three major indexes were all negative.
One of the biggest risks to markets is the Pandemic variant, and it is likely to inject volatility over the next year. It's hard to say at this point how lasting or impactful this latest variant will be for markets.
The omicron strain was labeled a "variant of concern" by the World Health Organization. Scientists are still researching the variant, but the large number of mutations has raised alarm. The strain has an increased risk of reinfection according to the WHO.
The variant was first reported to the WHO from South Africa and has been found in a number of countries, including the U.S.
Testing is already underway for vaccine makers to investigate omicron. Paul Burton, Moderna's Chief Medical Officer, said Sunday that a reformulated vaccine against the omicron variant could be ready early next year.
Key economic data will be released this week.
Solid jobs growth is expected in the November jobs report. 581,000 jobs are expected to be created in November.
The Institute of Supply Management manufacturing survey will be released on Wednesday.
