Stock Market Today: Stock Futures Rise After Omicron Lead Sale; Nike, Micron Soar On Strong Earnings; Pfizer and GSK Break FDA in HIV Drug Breakthrough


Stock market futures rebound from Monday’s losses

Futures on the stock markets appear to stabilize Tuesday morning in trading. Overall, some would say this could be an expected reaction to yesterday’s declines. Even so, investors will still need to consider the possible long-term effects of a variety of factors in the stock Exchange today. This includes the fast-spreading Omicron Covid variant, the Fed’s 2022 interest rate hike plans, and the latest news on President Joe Biden’s Build Back Better bill.

Notably, Meera Pandit, a global market strategist at JP Morgan (NYSE: JPM) Asset Management, underlined the firm’s position on the current market trajectory. She recently said: “We’re seeing massive sell-offs of risky assets, but at the end of the day if we think about a longer time frame I’m not sure that will significantly change our outlook for 2022 in terms of investing,“Pandit continued”On the virus side, at the end of the day, what we’ve seen with earlier pushes and earlier variants is that massive market sales tend to be somewhat limited to a period of time, so we would expect that as we get better at managing some of these economic and market challenges, things are likely to work out despite some of the public health challenges that lie ahead.

Whether you agree or disagree with Pandit, today’s stock market is full of news for you to consider. At 7:25 a.m. ET, the Dow, S&P 500 and Nasdaq futures are trading up 0.93%, 0.99% and 1.15% respectively.

Nike Shares jumps on strong sales figures

Nike (NYSE: NKE) is probably one of the companies that are turning heads in the stock market today. This would be the case as the sportswear titan yesterday released stellar numbers in its latest quarterly earnings report. Nike topped analysts’ estimates across the board. In detail, the company posted earnings per share of $ 0.83 on revenue of $ 11.36 billion. For reference, Wall Street’s estimates were $ 0.63 billion and $ 11.25 billion, respectively. More importantly, all of this despite the alleged continued supply chain pressures Nike is currently facing. Investors appear to be reacting positively, with NKE stock gaining over 3% in pre-market trading today.

For the most part, things seem to be improving for Nike in the long run. CEO John Donahoe recently provided a positive update on the company’s current position in the retail space. Namely, Donahoe noted that Nike is in a “much stronger competitive position” than it was before the pandemic. As a result, the company cites sales growth in the North American market, its largest market, as a key growth driver for the quarter. In fact, sales in the region grew 12% year-on-year, the highest growth among all of its geographies. Additionally, CFO Matt Friend pointed out that Nike’s Vietnamese factories have returned to around 80% of pre-shutdown levels. Given the company’s current momentum, I could see that NKE shares now had more room to function on the stock exchange.

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GSK and Pfizer Receive FDA Approval for Injectable HIV Treatment with PrEP

In other news, GlaxoSmithKline (NYSE: GSK) and Pfizer (NYSE: PFE) are making progress on the regulatory front. Earlier today, the duo received approval from the United States Food and Drug Administration (FDA) for their joint work on cabotegravir. Essentially, cabotegravir is an injectable pre-exposure prophylaxis (PrEP) option to reduce the risk of contracting HIV-1 sexually. This victory comes from ViiV Healthcare, a global HIV company majority-owned by GSK with Pfizer as shareholder. To further develop, the drug candidate is now approved as a long-acting injectable for use in adults and adolescents.

Overall, the treatment demonstrates greater efficacy than a daily oral PrEP option (FTC / TDF tablets) in reducing the risk of acquiring HIV. Overall, Deborah Waterhouse, CEO of ViiV Healthcare, said: “ViiV Healthcare is proud that Apretude has been studied in one of the most diverse and comprehensive HIV prevention trial programs to date, which also included some of the largest numbers of transgender women and black men. having sex with men never enrolled in an HIV prevention trial. With study [cabotegravir], people can reduce the risk of contracting HIV with as few as six injections per year. Today’s approval is the latest example of ViiV Healthcare’s commitment to developing long-acting drugs that give consumers a different choice.Given the importance of Pfizer and GSK’s work on this front, the actions of both companies may be worth watching today.

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Micron stock surges after exceeding earnings

Somewhere else, Micronic Technology (NASDAQ: MU) also appears to be gaining traction in the stock market now thanks to the latest release of its results. To point out, the memory chip technology company posted earnings per share of $ 2.16 on revenue of $ 7.69 billion. Respectively, that marks solid year-over-year gains of over 176% and 33%. As a result of all this, MU stock is now gaining over 6% in pre-market trading.

Overall, CEO Sanjay Mehrotra cited Micron’s “strong product portfolio momentum” as the main contributor to performance this quarter. He also added that Micron continues to ship its cutting edge DRAM and NAND technology to key end markets. This includes the areas of 5G, artificial intelligence and electric vehicles. All of this, according to Mehrotra, is currently riding “powerful secular trends” that continue to fuel demand growth. In the bigger picture, Micron seems to be looking to ride the current tailwinds in the data storage industry. Given the role of Micron’s data storage offerings in an increasingly technology-dependent world, investors can keep an eye on MU’s stocks today.

Gains worth noting in the stock market today

Not to mention that investors also have a wide range of businesses to consider in terms of profits today. In pre-marketing, we have General Mills (NYSE: SIG), FactSet (NYSE: SDS), Rite Help (NYSE: RAD), Enerpac (NYSE: EPAC), and Neogen (NASDAQ: NEOG) among others. On the other hand, the likes of Blackberry (NYSE: BB) and AAR Company (NYSE: AIR) are on tap after the closing bell. Even with the cut short Christmas trading week, there is plenty of stock market news to keep investors on their toes now.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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