Stock Market Rallies On Omicron Covid News; Micron, AMD, Tesla, Expedia Lead

[OZER]

Dow Jones futures were little changed overnight, along with S&P 500 futures and Nasdaq futures. The struggling stock market rally got a lift from Micron Technology (MU) and some Covid headlines from President Joe Biden and more. Travel names such as Hilton Worldwide (HLT) and Expedia (EXPE) leading the way.

Micron stock broke out on strong earnings guidance, giving a lift to several memory-related firms, with Seagate Technology (STX) and KLA Corp. (KLAC) also flashing buy signals.

Tesla stock, Nvidia (NVDA) and Advanced Micro Devices (AMD) rebounded from key levels, but will this bounce stick? Microsoft stock reclaimed its 50-day line while Google parent Alphabet (GOOGL) nearly did so as both megacaps work on fresh shallow bases.

The market rally remains under pressure, making any new buys risky.

Still, the action of travel stocks suggests that investors, for the moment, are less fearful about the omicron impact. HLT stock, Hyatt (H), Expedia and arguably Marriott (MAR) flashed early buy signals amid strong, high-volume gains. All four stocks broke above 50-day lines

Tesla (TSLA), Microsoft (MSFT), Google, AMD and Nvidia stock are on IBD Leaderboard. EXPE stock is on SwingTrader. Microsoft and Google stock are on IBD Long-Term Leaders. Micron was IBD Stock Of The Day.

The video embedded in this article discussed the market rally bounce analyzed MU stock, Hilton and Lam Research (LRCX).

Dow Jones Futures Today
Dow Jones futures were even with fair value. S&P 500 futures and Nasdaq 100 futures were little changed.

Remember that overnight action in Dow futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.

Coronavirus Cases
Coronavirus cases worldwide reached 276.45 million. Covid-19 deaths topped 5.38 million.

Coronavirus cases in the U.S. have hit 52.15 million, with deaths above 830,000.

Covid cases are rising rapidly in the U.S. and worldwide, reflecting the more-infectious omicron variant and more people being inside for the winter in the Northern Hemisphere. Deaths have remained relatively low due to vaccinations, prior infections and omicron apparently often resulting in milder cases than earlier variants. Hospitalizations and deaths could pick up somewhat in a lagged response to spiking caseloads.

Coronavirus News
President Biden urged Americans to get vaccinated, including booster shots — a day after former President Trump told supporters he has gotten a booster shot. Biden also announced that the U.S. would mail free Covid testing kits to any household that wants one, just two weeks after the White House press secretary mocked the idea. At-home Covid tests have been expensive and in short supply, with the FDA only approving a few tests.

The president also will direct military medical personnel to hospitals to help ease any staffing shortages.

Notably, U.K. Prime Minister Boris Johnson said there's not enough evidence to justify tougher Covid measures, at least before Christmas. U.K. government officials in recent days had warned of hundreds of thousands of daily cases and stressed that it wasn't proven that omicron cases were typically mild vs. other Covid variants.

The FDA is expected to approve the Merck (MRK) and Pfizer (PFE) Covid antiviral pills this week. The Pfizer antiviral in particular has shown strong success in reducing hospitalizations and deaths.

New York City is offering $100 for residents to get a booster shot by Dec. 31.

full article https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-stock-market-rallies-on-omicron-covid-news-micron-amd-tesla-expedia-lead/

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