The US stock futures pointed to a second day of gains on Tuesday, as investors focused on the latest news on the omicron variant of coronaviruses. Futures on the S&P 500 ES 00 gained 1.1%, or 52 points, to 4642 on the back of the S&P 500 ES 00.
The Dow industrials DJIA surged 657 points, or 1.9%, to 35227 on Monday. The S&P 500 SPX, rose 53 points, or 1.2%, to 4592 to get back to its 50 day moving average. The Nasdaq Composite COMP, added 140 points, or 0.9%, to 15225.
Markets continue to hold the view expressed by Dr. Anthony Fauci, President Biden's chief medical adviser, that early indications about the omicron variant of coronavirus are that it is less dangerous than the delta variant. GlaxoSmithKline GSK said Tuesday that the new preclinical studies showed that the sotrovimab antibody retains activity the variant. Marshall Gittler, head of investment research at BDSwiss Holding said that part of the recovery is due to growing optimism about the omicron variant, which may be extremely contagious but doesn't seem to be extremely dangerous. The decision by China on Monday to lower reserve requirements for banks was also a factor in the positive sentiment. Russia has built up troops along the border of Ukraine, which is more concerning to traders. Intel INTC's shares surged in premarket trade on a plan to list shares in its Mobileye self-driving car unit.