On November 30, 2021, a trader works on the trading floor of the New York Stock Exchange.
Michael Nagel | Xinhua News Agency | Getty Images
Prior to the announcement of the November employment report, stock futures rose in overnight trading on Thursday as the market is about to end the roller coaster week driven by the development of Covid omicron variants.
The Dow Jones Industrial Average futures rose about 80 points. S&P 500 index futures rose 0.2%, and Nasdaq 100 index futures rose 0.2%.
The November employment report is scheduled to be released on Friday morning. Investors expect steady job growth last month, and economists surveyed by Dow Jones expect 581,000 new jobs to be created in November.
The three major stock indexes rebounded during the regular trading hours on Thursday. The Dow rose 617 points. The Standard & Poor’s 500 Index rose 1.4%, and the Nasdaq Composite Index rose 0.8%.
Cyclical stocks related to the economic recovery made up for some of the recent losses. Industrial stocks led the S&P 500 index gains on Thursday, rising 2.89%.
Marko Kolanovic, chief global market strategist at JPMorgan Chase, said in a report on Wednesday: “We believe that the recent sell-off of these sectors is an opportunity to buy cyclical commodities, commodities and reopen themes.”
In terms of data, as of the week of November 27, the number of people who applied for unemployment benefits for the first time totaled 222,000, which was lower than economists expected.
Despite the rebound on Thursday, the moving average is still in a down week. The Dow Jones and Nasdaq Composite Index both fell about 0.7% this week, while the S&P 500 fell 0.4%.
Goldman Sachs’ Chris Hussey stated in the report: “With the increase in virus cases, the Fed’s easing policy and stricter economic growth in the coming year, the uncertainty about the outlook may only increase-leading to an environment for price discovery. More turbulent.” A note.
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