Wall Street Looks Steady After Breaking Three-Day Losing Streak

U.S. stock futures were relatively flat Wednesday, one day after Wall Street broke a three-session losing streak driven by concern over a spike in Covid cases in the U.S. due to the now-dominant omicron variant.

Wall Street Looks Steady

Wall Street Updates: The Dow on Tuesday gained 560 points, or 1.6%. The S&P 500 jumped nearly 1.8%. The Nasdaq surged 2.4%. All three benchmarks were tracking for solid December and stellar year-to-date gains. Wednesday morning’s economic calendar includes the third estimate of third-quarter gross domestic product. The government said GDP grew 2.3% in Q3, higher than forecasts and the previous estimate.

One day after announcing new plans to fight Covid, President Joe Biden plans to hold a meeting Wednesday to address supply chain problems. U.S. officials and private sector companies, including FedEx, are set to talk about the ongoing efforts to fix pandemic logistics disruptions.

Amazon (AMZN), Facebook parent Meta Platforms (FB), Twitter (TWTR) and Pinterest (PINS) will not send teams to the Consumer Electronics Show in Las Vegas over coronavirus worries. However, the Consumer Technology Association, which runs CES, said Tuesday the show would run from Jan. 5 to Jan. 8.

Wall Street
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Wall Street Looks Steady

Delta Air Lines (DAL) CEO Ed Bastian on Tuesday asked the CDC to cut in half its 10-day recommended quarantine time for fully vaccinated people who contract Covid. He said the current isolation period could negatively affect the airline’s workforce and operations.

Berkshire Hathaway-owned See’s Candies must face a lawsuit by an employee who claims she caught Covid at work and gave it to her husband who later died, a California appeals court held Tuesday. It appears to be the first ruling allowing a worker to sue an employer over a family member’s Covid death.

Elon Musk said in an interview released Tuesday he’s unloaded “enough stock” to reach his plan to sell 10% of his Tesla (TSLA) shares. Part of the proceeds from those sales will go toward what Musk tweeted will be a move than $11 billion 2021 tax bill. Tesla shares, under pressure in the past month but up more than 30% in 2021, rose over 3.5% in Wednesday wall street’s premarket.

Musk and Twitter co-founder Jack Dorsey ⁠have been voicing their thoughts on a hypothetical new iteration of the internet this week. While still a hazy concept, Web3 been hailed by proponents as a decentralized version of the internet based on blockchain.

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Wall Street Looks Steady After Breaking Three-Day Losing Streak via @marketinvestor
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