Wall Street rises 1% as technology stocks rebound Reuters

© Reuters. File photo: On July 19, 2021, street signs on Wall Street can be seen outside the New York Stock Exchange (NYSE) in New York City, USA. REUTERS/Andrew Kelly

Authors: Sruthi Shankar and Devik Jain

(Reuters)-U.S. stocks opened up 1% on Tuesday as technology companies rebounded to ease concerns about Omicron variants, while Intel (NASDAQ:) jumped after planning to list its self-driving car unit .

After revealing that it plans to list Mobileye (F:) in the US in mid-2022, the chip giant’s share price soared by 9.3% in premarket trading.

Other chip makers Advanced Micro Devices (NASDAQ:), Micron Technology (NASDAQ:) and Nvidia (NASDAQ:) rose 3.0%. Large technology stocks Google’s parent company Alphabet (NASDAQ:), Microsoft (NASDAQ:), Amazon (NASDAQ:) and Apple (NASDAQ:) rose Nearly 2%.

In Monday trading, Tesla (NASDAQ:) Inc. rose 3.7% in pre-market trading after falling into the bear market area, down 20% from its historical high closing price.

As investors turned to industries such as energy and banking that performed better under the tightening monetary policy environment in the United States, some soaring growth stocks have been hit hard in recent days. The news of the Omicron variant last week also injected volatility into the market.

However, the US stock index closed higher on Monday as investors were encouraged by the optimistic comments of senior US officials on the latest COVID-19 variant. The CBOE Volatility Index also fell from a 10-month high it hit last week.

“We believe that by 2022, the market will continue to see periods of optimism and pessimism about inflation and growth, and alternate between these views until it becomes clearer,” said William Sells, Global Chief Investment Officer, Private Banking and Wealth Managed by HSBC.

At 7:02 am Eastern Time, it was up 355 points or 1.01%, up 60.25 points or 1.31%, and up 284.75 points or 1.8%.

Vir Biotechnology (NASDAQ:) shares rose 11.3% after the British drugmaker GlaxoSmithKline (GSK) stated that an antibody-based COVID-19 therapy it has developed together with Vir can effectively combat all mutations in the new Omicron variant.

Travel stocks continued their gains. Carnival (NYSE:) Corp and United Airlines rose 3.3% and 2.6%, respectively, leading the rise of major airlines and cruise operators.

American Airlines (NASDAQ:) Group Inc rose 2.8% after the airline said CEO Doug Parker will retire on March 31.

Oil inventory includes Exxon Mobil (New York Stock Exchange:) and Chevron Corp (NYSE:) rose, following the rise in crude oil prices.

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