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Dow Jones Industrial average futures jumped and NASDAQ-100 futures lagged as investors looked past the emerging threat from the omicron COVID-19 variant, rotating out of high-priced technology shares and into names linked to the recovering economy.
Futures for the Dow Jones Industrials leaped 238 points or 0.7%, to 34,804.
Futures for the S&P 500 acquired 16 points to 4,553.50.
Futures for the NASDAQ faded 40.25 points, or 0.3%, to 15,674.25.
Shares linked to the economic reopening gained in Monday pre-market trading like energy, industrials and airlines.
Investors continued to sell tech stocks with relatively high valuations. Those shares seemed to drag the market down to a losing week on Wall Street last week.
The 10-year Treasury yield rebounded after falling last week amid the omicron threat.
There’s a major shift underway at the Federal Reserve to bring about a faster end to its pandemic easing policies.
High-priced tech shares were lower in premarket trading, continuing a de-risking theme in markets. Nvidia was off by 4% in premarket trading. Tesla was also in the red.
Ark Innovation was down another 2% in pre-market trading Monday.
Stocks linked to the reopening of the economy gained on Monday, boosting sentiment on Dow futures. Boeing and Chevron shares were in the green.
American Airlines shares gained nearly 2% in pre-market trading. Carnival and Wynn Resorts shares were about about 1%.
Bitcoin traded around $57,000 on Friday morning, but by Saturday had plunged to around $43,000. By Monday the world’s largest cryptocurrency had clawed back some of its losses, last trading at around $47,377.
Shares of Coinbase lost 6% in pre-market trading, while Square declined by nearly 3%.
Overseas, markets in Japan handed over 0.4% Monday, while the Hang Seng in Hong Kong stumbled 1.8%.
Oil prices gained $2.10 to $68.36 U.S. a barrel.
Gold prices dropped $4.60 to $1,779.30 U.S. an ounce.
