12:15pm: US tech falters after gains Monday
US markets were mixed around midday on Tuesday, with the Dow Jones Industrial Average continuing to post gains while the broader S&P 500 index and tech-laden Nasdaq Composite declined.
As of noon, the Dow Jones Industrial Average had gained 247 points, or 0.7% at 36,832. But the Nasdaq Composite fell 1.7%, and S&P 500 dropped by 0.1%.
“In the US tech is faltering after its good day yesterday,” said Chris Beauchamp, chief market analyst at IG, a global leader in online trading.
But he added: “Investors seem to have discarded the worries about Omicron that plagued them in December, while for now the jitters about inflation and central bank policy appear to be far from everyone’s minds.”
11am: Proactive North America headlines:
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Avalon GloboCare well poised for growth this year; intended SenlangBio acquisition terminated
FansUnite Entertainment taps Dennis Williams for payments director as it eyes rapid expansion
Gevo appoints David George as senior vice president of Verity Tracking
Vejii completes acquisition of VEDGEco USA
Albert Labs hails UK MHRA’s new guidance on the use of real-world data in clinical studies for regulatory decision making
CO2 GRO says commercial feasibility of CO2 Delivery Solutions system to start in 1Q at California greenhouse
American Battery Technology ‘excited’ to be constructing its first pre-commercial integrated facility
BlueRush reports strong growth in 1Q revenue as customer base expands
Genprex expands gene therapy oncology pipeline to include small cell lung cancer
Mirasol Resources promotes experienced finance executive Carmen Cazares to CFO
Tiidal Gaming announces tech veteran Tom Hearne as CEO
Looking Glass Labs says its subsidiary House of Kibaa joins DigiBC to further its NFT and metaverse opportunities in British Columbia
CULT Food Science says portfolio company CELL AG TECH achieving meaningful milestones to develop cell-based seafood products
Bam Bam Resources (CSE:BBR) bolsters board with professional engineer and geologist, Segerstrom
Apple becomes world’s first company to hit US$3trn market value
Theranos founder Elizabeth Holmes found guilty of fraud
Empower Clinics says MediSure Canada receives Health Canada licences for two new best-in-class products
Wishpond completes acquisition of Winback – adding SMS marketing solutions to its platform
Pure Gold Mining reports changes to leadership team and provides 4Q update as it continues to unlock potential of Red Lake mine
PowerTap says investee FusionOne is continuing efforts to commercialize its HydroPlas plastic to hydrogen reactor
9.41am: US stocks start higher
US stocks continued the run higher in 2022 after the Dow Jones Industrial Average and S&P 500 reached new record finishes on the first trading day of the new year.
At the open in New York on Tuesday, the Dow Jones gained around 204 points at 36,789.
The S&P 500 surged around 21 points at 4,818. The tech heavy Nasdaq index added around eight points at 15,841.
“The biggest driver behind the stock market rally and risk appetite in general is relief that Omicron is not as deadly as Delta, which is fuelling expectations that travel restrictions and lockdowns will be lifted soon,” said Fawad Razaqzada, market analyst with ThinkMarkets.
“Omicron’s rapid spread means cases will likely peak very soon in Europe and given that it doesn’t cause too many people severe illnesses to require hospitalisation, it is boosting the prospects of herd immunity.”
6.30am: US stocks seen opening up
US stocks are expected to open higher, building on a positive start to the year as investors look past the surge in COVID-19 caused by the Omicron variant.
Futures for the Dow Jones Industrial Average rose 0.39% in Tuesday pre-market trading, while the broader S&P 500 index gained 0.43% and those for the tech-heavy Nasdaq 100 added 0.44%.
Stocks closed higher on the first trading day of 2022, supported by big gains for Apple and Tesla, which propelled the Nasdaq more than a percent higher.
The Dow jumped by 247 points, or 0.68%, to 36,585 and the S&P 500 increased 0.64% to 4,797. The Nasdaq rose 188 points, or 1.2%, to 15,833.
“New Year and a fresh record for the S&P500! The index kicked off the year with a first-minute goal after recording 70 closing highs in 2021,” commented Ipek Ozkardeskaya, senior analyst at Swissquote.
“Nasdaq rallied 1.20% at the first trading session of the year, as Apple finally hit the $3 trillion valuation and Tesla jumped 13.5% after reporting breath-taking car sales last quarter and last year.
“Globally, there is a lot of news regarding the rising Omicron cases, but there is also a lot of news that the Omicron cases are not as deadly as the previous variants of Covid. And investors prefer focusing on a glass half full rather than a glass half empty at the start of the year.”