Stock futures soar as traders brush off Omicron fears

index futures

U.S. stocks set to bounce back

U.S. stock futures were trading higher on Tuesday after stocks fell sharply during the previous session amid fears about the omicron Covid-19 variant.

The variant, which now accounts for about three out of every four new cases in the U.S., has sparked a new wave of lockdowns in some nations around the world.

As of 5:40 a.m. ET, futures tied to the blue-chip Dow rallied 234 points, or 0.67% to 35,047. S&P 500 futures added 31.75 points, or 0.7% to 4,590.25 while the tech-heavy Nasdaq 100 futures advanced 129.25 points, or 0.83% to 15,750.5.

On Monday, the Dow Jones Industrial Average dropped 1.23%, or 433.28 points to close the session at 34,932.16. The S&P 500 and the Nasdaq tumbled 1.14% and 1.24%, respectively.

Moderna says its booster shot increases antibodies against omicron

Meanwhile, Moderna (NASDAQ: MRNA) has revealed that preliminary data from lab tests show that a 50 µg booster dose of its Covid-19 vaccine appeared to protect against the Omicron variant levels 37-fold.

The biotechnology company made the announcement in a press release on Monday, adding that a 100 µg dose of the booster produces an even stronger (83-fold) antibody response to the variant.

“The dramatic increase in COVID-19 cases from the Omicron variant is concerning to all. However, these data showing that the currently authorized Moderna COVID-19 booster can boost neutralizing antibody levels 37-fold higher than pre-boost levels are reassuring,” Moderna CEO Stéphane Bancel said.

On a conference call with investors Monday, Moderna president Dr. Stephen Hoge stated that the company will not seek clearance for a 100 µg booster at this time. He, however, said it might be sensible for the larger-sized dose to be administered to at-risk individuals.

Moderna stock was little changed in the pre-market trading session on Tuesday.

Nike rises on Q2 earnings and revenue beat

On the earnings front, Nike (NYSE: NKE) shares jumped early Tuesday after the company posted upbeat financial results for its fiscal second quarter.

The sports apparel retailer said after markets closed on Monday, that it had adjusted earnings of 83 cents per share on revenue of $11.36 billion in the quarter.

Analysts had called for adjusted earnings of 63 cents per share on revenue of $11.26 billion, according to data compiled by Bloomberg.

North America revenue, Nike’s biggest market, rose to $4.48 billion, up 12% from the same period a year ago and topping estimates of $4.18 billion.

Its Greater China segment saw a 20% drop in revenue, while revenue in its Europe, Middle East and Africa market was up 6%.

As of writing, Nike stock was marked $6.02, or 3.83% to $163 per share in Tuesday’s pre-market session.