Futures rise as COVID-sensitive industries recover, Reuters

© Reuters. File photo: Street signs on Wall Street can be seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, USA on December 28, 2016.REUTERS/Andrew Kelly/File Photo

Authors: Ambar Warrick and Devik Jain

(Reuters)-US stock index futures rose on Monday, as energy and banking stocks rebounded slightly from last week’s decline, although expectations for several economic data this week suppressed the gains.

As demand for technology stocks remains strong, Nasdaq futures hit a record high. Heavyweight stocks, including most major FAANG stocks, rose in pre-market trading.

As concerns about the rise in COVID-19 cases in Europe have pushed up safe-haven demand, technology stocks performed significantly better than other sectors last week, helping the Nasdaq Index to close above 16,000 for the first time.

Bank stocks will recover from last week’s sharp decline, when demand for safe havens caused a sharp drop in U.S. Treasury yields. Yields remained stable on Monday.

The worst-performing travel and energy stocks last week also rose slightly before the opening.

Nevertheless, as investors wait for a series of economic data this week, including IHS business activity data, personal consumption expenditures and minutes of the Fed’s last meeting, most industries’ gains have been limited.

In addition to paying attention to the Fed’s austerity policy plan, investors are also paying attention to President Joe Biden’s announcement about his choice of the next Fed chairman.

Investors expect current Chairman Jerome Powell to be re-elected, although Fed Governor Lyle Brainard is also considered a candidate for the post.

At 6:29 am Eastern Time, it was up 154 ​​points, or 0.43%. It was up 17.5 points or 0.37%, and up 56.75 points or 0.34%.

The Wall Street Index hit a record high this month, as the strong third-quarter earnings season showed that most corporate profits have not been affected by rising inflation and supply chain issues.

Among other pre-listing promoters, Tesla (NASDAQ:) Inc rose 2.8% after CEO Elon Musk tweeted that Model S Plaid will “probably” enter China around March.

Activision Blizzard (NASDAQ:) fell 1.1% after media reports said Bobby Kotick, the top boss of the video game publisher, would consider leaving if he could not resolve cultural issues quickly.

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