Stock futures point to a higher open ahead of the Christmas holiday
U.S. stock markets looked set for more gains on Thursday, as traders cheered three studies that suggest there are reduced risks of hospitalization and severe symptoms in people infected with the omicron Covid-19 variant compared with the Delta variant.
One study, conducted by South African scientists and released on Tuesday, showed that people who have contracted the omicron strain are 80% less likely to be admitted to hospital than if they are infected with other variants.
Elsewhere, a study done by the Imperial College London Covid-19 response found that people infected with omicron are around 20% less likely to be hospitalized at all than people infected with the delta strain, and 40% less likely to spend a night or more in a hospital.
Meanwhile, another study out of Scotland, suggests the risk of hospitalization is 66% less with omicron than delta variant.
As of 5:20 a.m. ET, futures tied to the Dow jumped 66 points, or 0.19% to 35,698. S&P 500 futures rose 7.75 points, or 0.17% to 4,693.75 while the tech-heavy Nasdaq 100 futures were up 11.75 points to 16,181.50.
In observance of Christmas, the New York Stock Exchange and the Nasdaq will be closed on Friday because the real holiday falls on a Saturday this year.
Jobless claims, Home sales data on tap
Major economic releases to watch today include the weekly report on initial jobless claims, the University of Michigan’s Consumer Sentiment Index for December, and November’s new home sales data.
The monthly Personal Income and Personal Spending figures, the November personal consumption expenditures (PCE) price index data, and the Fed’s preferred gauge of inflation are also set for release today.
Novavax surges as its Covid vaccine shows “strong immune responses”
In other news, shares of Novavax (NASDAQ: NVAX) are popping after the biotechnology company published data that showed its Covid-19 vaccine produces a strong immune response to the omicron variant.
Novavax also stated that a third booster dose of the vaccine produces further immune resistance to the new variant.
Earlier this week, the company’s two-dose, protein-based vaccine was approved for use by the World Health Organization and European Union regulators.
As of writing, Novavax stock was up $9.50, or 5.18% to $192.80 per share in the pre-market trading session.
SEC blocks Apple’s request to block shareholder proposal on forced labor
The U.S. Securities and Exchange Commission (SEC) has blocked a bid by Apple (NASDAQ: AAPL) to prevent a shareholder proposal requiring the tech giant to provide increased transparency in its attempt to keep forced labor out of its supply chain.
Earlier this year, a group of shareholders asked Apple’s board of directors to prepare a report detailing the measures the iPhone maker implements to ensure workers in its supply chain are protected from forced labor.
The shareholders requested information showing how many suppliers Apple has taken action against, and explaining the steps it has taken to identify suppliers and sub-suppliers that are at risk of forced labor.
In a letter seen by Reuters on Wednesday, the SEC denied Apple’s move to block the proposal. The regulator said “it does not appear that the essential objectives of the proposal have been implemented,” so far.
The decision means that the proposal will face a vote at Apple’s annual shareholder meeting in 2022, unless the company strikes a deal with the three shareholders who made it.
