Stock futures jump ahead of first trading day of December after omicron fears dent markets


U.S. stock futures were higher in early trading Wednesday, following a Tuesday sell-off on Wall Street over fears about the new omicron Covid variant and the Federal Reserve mulling a quicker-than-planned exit from its easy monetary policy.

Dow futures rose 282 points. S&P 500 futures gained 1.03% and Nasdaq 100 futures rose 1.25%.

Treasury yields also moved notably higher, with the benchmark 10-year Treasury note most recently back near 1.5% after falling 8 basis points Tuesday to 1.45% on fears that the pandemic would stifle economic growth.

Merck led gainers on the S&P 500, rising 4

Merck led gainers on the S&P 500, rising 4% a day after its Covid treatment pill received approval from the Food and Drug Administration, though by a narrow 13-10 margin.

Energy shares also posted sharp gains, with Occidental Petroleum up 3.4% as West Texas Intermediate prices climbed more than 4% to nearly $69 a barrell.

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