The rapidly spreading variant of the omicron coronavirus has rocked stock markets around the world, causing major declines in the final month of the year due to concerns about the strain’s impact on the global economic recovery.
Nike Inc rose 6.5%, leading earnings among Dow Jones constituents. He beat quarterly earnings and earnings estimates and was confident that supply chain problems will subside in his next fiscal year.
Micron Technology Inc. led the way among chipmakers, jumping 9.9%, after forecasting optimistic second-quarter earnings and beating Wall Street expectations.
The positive updates helped allay some concerns about supply chain constraints in an environment of high inflation, which has become a concern for the world’s central banks.
Ten of the top 11 sectors in the S&P 500 advanced in early trading, while the SE Philadelphia Semiconductor Index gained 1.6%.
Megacap growth companies such as Tesla Inc, Microsoft Corp, Apple Inc, Amazon.com Inc, and Alphabet Inc, were up 0.2% to 1.3% after taking a beating on Monday.
Source From: Ambito
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