4:05pm: US equities rebound
US stocks closed higher in a sharp rebound a day after the new COVID-19 variant Omicron drove investors into a massive sell-off.
Airline, casino, and energy stocks led the gainers on Thursday.
On the day, the Dow Jones Industrial Average rose by 619 points, or 1.82%, to 34,641 and the S&P 500 jumped 1.4% to 4,577.
And the tech-heavy Nasdaq increased 0.83% to 15,381.
12.05pm: Dow advances more than 600 points
US stocks were higher in noon trading as investors continue to weigh the potential economic impact of the new coronavirus (COVID-19) Omicron variant.
At midday, the Dow climbed 619 points to 34,640, while the S&P 500 added 60 points at 4,573 and the tech-heavy Nasdaq gained 70 points to 15,323.
“While it is nice to see a rally this morning, I am not sure investors should put much meaning into it,” Leuthold Group chief investment strategist Jim Paulsen said.
“Fear and greed will dominate activity as investor worries oscillate between concerns the worst is not yet over and anxieties of missing out on any recovery,” Paulsen added.
Notable movers included shares of Apple Inc (NASDAQ:AAPL), which slipped more than 2% on media reports the consumer electronics giant is experiencing slowing iPhone demand ahead of the holiday season.
11.15am: Proactive North America headlines:
Bragg Gaming Group (TSX:BRAG, NASDAQ:BRAG) subsidiary ORYX Gaming inks deal to provide exclusive content to White Hat Gaming's European operator network
Champion Gaming (TSX-V:WAGR) Group starts trading on the TSX Venture Exchange after completion of reverse takeover transaction
Adastra Holdings (CSE:XTRX) reports significant revenue bump in 3Q, targeting $5 million in monthly sales by the end of 2022
Victory Square Technologies says its portfolio company GameOn Entertainment partners with Polygon Studios to build NFT-based games
Pan-Biome Pharmaceuticals outlines case for its compounds' potential as it updates on longevity research program
Ayurcann wins two awards in Canada for extraction facility and toll processing facility of the year
Kootenay Silver releases final drill results from Copalito project showcasing high-grade silver and the potential for substantial resources
Belmont Resources says option partner Marquee Resources completes first two drill holes at the Lone Star project in Washington State
ACME Lithium Inc acquires two lithium projects in the Winnipeg river pegmatite region in Manitoba
Trillion Energy International sees “significant” increase in SASB Gas field’s NPV on rising commodity prices
Pathway Health (TSX-V:PHC) and Canntab Therapeutics strike agreement to provide oral tablet cannabinoid products in select Canadian pharmacies
Logiq expects 4Q revenue to exceed $10M for a 52% year-over-year increase
Fobi AI (TSX-V:FOBI, OTCQB:FOBIF) inks agreement with Amazon for distribution and fulfillment of hardware products
PsyBio Therapeutics presents 16 scientific abstracts highlighting its research and development efforts at two scientific conferences
EverGen Infrastructure appoints Natasha Monk as Interim CFO
Ridgeline Minerals (TSX-V:RDG, OTCQB:RDGMF) poised to advance Carlin-East and Bell Creek projects in Nevada next year as it reports final results for Crash Zone drill program
FSD Pharma (CSE:HUGE, NASDAQ:HUGE) shares pre-clinical data revealing positive effects of Lucid-MS in treating multiple sclerosis in mouse models
CNS Pharmaceuticals (NASDAQ:CNSP) is progressing well with its Berubicin brain cancer treatment studies
Highgold Mining intersects high-grade gold at its Difficult Creek Prospect in Alaska; appoints Dr Peter Megaw to its technical advisory team
Mandalay Resources completes sale of Cerro Bayo mine in Chile to Equus Mining
Algernon Pharmaceuticals projects full enrollment for its Phase 2 pulmonary fibrosis and chronic cough trial using Ifenprodil
Todos Medical says all 31 patients in Tollovir Phase 2 clinical trial in hospitalized coronavirus patients have completed the study
Unigold hires experienced mine manager as new COO as company advances towards development at Candelones asset
Kidoz announces the safe programmatic advertising sourcing solution Kidoz Connect
Cabral Gold reports more encouraging results from MG deposit, including high grades at the gold-in-oxide blanket
9.50am: Wall Street starts on front foot
US stocks started higher on Thursday as traders mulled over the latest coronavirus (Covid-19) variant developments and the weekly jobless claims data, which came in better than expected.
In early deals in New York, the Dow Jones Industrial Average gained around 255 points at 34,277, while the S&P 500 added nearly 22 points to stand at 4,535.
The tech-heavy Nasdaq index advanced over 57 points at 15,311.
The weekly claims for unemployment insurance in the US came in less than had been expected, pointing to a strengthening labor market.
Jobless claims for the week ended November 27 totaled 222,000 compared to the Dow Jones estimate of 240,000.
The data comes ahead of tomorrow's closely watched nonfarm payrolls and after Federal Reserve chairman Jerome Powell on Tuesday said that a speeding up of tapering of monthly asset purchases may be on the cards amid higher inflation and stronger growth.
6.35am: US stocks set to see-saw
US stocks look set for another see-saw session on Thursday, with futures pointing to a rebound after Wednesday's falls amid uncertainty regarding the potential impact of the Omicron coronavirus (COVID-19) variant.
Futures for the Dow Jones Industrial Average futures rose 0.8%, those for the broader S&P 500 index added 0.6%, and contracts for the Nasdaq-100 futures gained 0.3%.
Stocks fell Wednesday after the first known US case of the Omicron variant was identified in California, with indexes having swung from negative to positive in recent days as markets assess how governments and central banks will respond to the new variant.
Officials said Thursday that President Biden plans to tighten COVID-19 testing timelines for travelers entering the US and extend a mask mandate on transportation. Investors were also focused on comments from the World Health Organization’s chief scientist suggesting vaccines were likely to still offer some protection.
Markets also remained unnerved by Federal Reserve Chairman Jerome Powell’s comments earlier in the week, when he said the US central bank was prepared to accelerate the pullback of stimulus, as the risk of higher inflation has increased.
On the corporate front, WeWork shares dropped in after-hours trading on Wednesday after the office-sharing company revealed in a filing that it would restate several quarters of its results, including its latest one, and that management had concluded there was a material weakness in its internal controls.
On the earnings front Thursday, retailers Kroger and Dollar General are scheduled to report before the opening bell, with gun maker Smith & Wesson Brands expected to post earnings after markets close.
The latest US weekly jobless claims will be released at 8.30am ET, with forecast pointing to an edge-up from the 52-year-low posted last week. The main economic focus, however, will be on November non-farm payrolls data due on Friday.
Meanwhile, oil prices were higher as traders awaited signals from OPEC and its allies about whether the group will halt planned production increases.
Chris Beauchamp, chief market analyst at IG, a global leader in online trading commented: "It is decision day for OPEC+, but the 20%+ drop in oil since October will have likely prompted a change in thinking among the cartel and its associates. Oil prices have essentially factored in any output increase, and thanks to the drop of the past week are also now heavily discounting a reduction in global growth estimates, so if the group opt to hold steady or even throttle back on planned production increases we could yet be treated to a rebound in oil prices."