U.S. stock futures were pointing to a higher opening on Wall Street on Tuesday after the Dow Jones Industrial Average and S&P 500 notched new record closes on the first trading day of 2022.
Futures contracts tied to the Dow Jones Industrial Average were indicating a 136-point opening gain, while those linked to the S&P 500 were priced for a 19.5-point increase. Futures tied to the tech-focused Nasdaq Composite were indicating a 68-point gain at the start of trading as benchmark 10-year Treasury note yields traded down slightly at 1.628%.
Energy and economic recovery stocks were among the early gainers, despite omicron cases rising above 1 million Monday as the virus continues to relentlessly infect seemingly every nook and cranny of the country.
Cruise as well as travel-and-tourism-related shares also continued to recover, with Carnival (CCL) - Get Carnival Corporation Report shares up 2.8%, Norwegian Cruise (NCLH) - Get Norwegian Cruise Line Holdings Ltd. Report rising 2.2% and Royal Caribbean (RCL) - Get Royal Caribbean Group Report gaining 2.1%. MGM Resorts (MGM) - Get MGM Resorts International Report was up 1.8% and Alaska Air (ALK) - Get Alaska Air Group, Inc. Report was up 1.6%, following the contrails of other airline stocks which also rose on Monday.
Apple (AAPL) - Get Apple Inc. Report shares also continued their march higher after the tech giant briefly became the first U.S. company to achieve a $3 trillion market capitalization on Monday. Apple shares were up 0.47% in premarket.
On Monday, the major averages rose, lifted by the technology sector, with two of three hitting record highs. The Dow added 246 points to close at a record, while the S&P also registered a gain, climbing 0.6% to close at an all-time high.
Meantime, investors will get a better sense on how the economy fared last month, particularly with ongoing supply chain issues as well as omicron throwing a wrench into both business and consumer spending.
Purchasing managers’ surveys on the manufacturing sector for December are slated to be released at 10 a.m. ET. Economists expect a slowdown in growth, forecasting that supply-chain issues may have dampened U.S. factory output.
Also at 10 a.m. E.T., the Labor Department is scheduled to release a survey on job openings and turnover for November. October's data showed 3.6 million more job openings than people looking for work, highlighting the tight U.S. labor market.
Market-watchers will also be paying attention to remarks from Federal Reserve Bank of Minneapolis President Neel Kashkari, who is scheduled to speak.