Stocks, US futures rise in rebound from slump

Bloomberg

Stocks rise with US equity futures Tuesday on wagers that vaccines can help tame the omicron virus outbreak and signs that US President Joe Biden could yet revive his $2 trillion economic agenda.
European shares rebounded, with miners in the lead as commodities gained. Asian shares were bolstered by a rebound in Japan and a rally in Chinese property developers. Contracts on S&P 500 and Nasdaq 100 futures were also in the green, signalling stabilisation after a global equity index dropped the most this month on Monday.
Markets have whipsawed going into the holiday season as investors assess economic risks from the spread of the omicron virus variant and a hawkish central-bank pivot. While sentiment took another hit after Democratic Senator Joe Manchin rejected President Joe Biden’s tax-and-spending package on Sunday, a call between the two has stoked optimism the deal isn’t dead.
Treasury yields and the dollar were little changed and crude oil was in the green.
“There is more uncertainty than I think most people thought we would see here as they were anticipating a Santa Claus rally,” Victoria Fernandez, Crossmark Global Investments chief market strategist, said on Bloomberg Television. “Volatility and uncertainty are the key terms that will lead us into the new year.”
Elsewhere, iron ore led gains in metals. Bitcoin rallied to climb past the $48,000 level.
The Stoxx Europe 600 rise 0.8% as of 8:32 am London time and futures on the S&P 500 also climb 0.4%. Futures on the Nasdaq 100 rise 0.8% and futures on the Dow Jones Industrial Average also gain 0.3%. While the MSCI Asia Pacific Index rises 1.1%, the MSCI Emerging Markets Index rises 0.9%.
The Bloomberg Dollar Spot Index falls 0.1% and the euro rises 0.2% to $1.1300.
While the Japanese yen was little changed at 113.58 per dollar, the offshore yuan was little changed at 6.3775 per dollar and the British pound rises 0.3% to $1.3243.
The yield on 10-year Treasuries was little changed at 1.42% and Germany’s 10-year yield was little changed at -0.37%. Britain’s 10-year yield advanced one basis point to 0.78%.