A trader works on the floor of the New York Stock Exchange at the start of trading on Monday, following Friday's steep decline in global stocks over fears of the new omicron Covid variant on December 20, 2021.
Wall Street is expected to open higher for a third straight session on Thursday, as investors look to the possibility of more positive news on the Covid omicron variant. The S&P 500 and the Nasdaq both rose on Wednesday, with the S&P 500 up 1% and the Nasdaq up 1.2%. The FDA granted emergency use authorization for Pfizer's Covid pill, which is the first antiviral drug to be used at home.
The US stock market is closed for Christmas Eve. There is a full slate of economic data on Thursday. There are numbers on jobs, inflation, spending and durable goods orders. The numbers showed a strong economy with improving labor and spending trends, but inflation at uncomfortable levels. At 10 a.m. The University of Michigan's final December consumer sentiment index and November new home sales are out.
The data released this week shows that the omicron variant is less likely to result in hospitalization than earlier strains. A new study from South Africa shows that people with omicron are 80% less likely to be admitted to a hospital than if they contract other strains. Omicron accounted for most of the cases in some parts of the country, according to the U.S. Center for Disease Control and Prevention. The variant made up more than 70% of the cases in the U.S. according to the CDC.
Hospitals across the nation are preparing for another wave of Covid that could rival the early days of the Pandemic as the omicron variant rages. The director of the Institute for Health Metrics and Evaluation told USA Today that there could be 140 million new cases in the US in the first quarter. According to the IHME, new daily infections are expected to reach over 2 million by the end of the month. There have been over 50 million reported Covid cases in the U.S. There were more than 300,000 reported cases in January.
Musk said he was almost done with his stock sales after selling more than 15 billion shares. The billionaire had made a number of conflicting statements about whether he would sell 10% of his shares or not. In an interview with conservative satirical website Babylon Bee, he said he sold enough stock to get to 10% plus the option exercise stuff. He said on Wednesday that he might not be finished. The 10b sale is the one he refers to as the one he assumes completion of.
The report was contributed to by the news agency. You can follow the market action on CNBC Pro. CNBC has coverage of the coronaviruses.
The last report of the year will be Thursday. It will be back on January 3.
