US open: Stocks trade sharply higher as omicron fears fade

Wall Street stocks were firmly in the green early on Tuesday as major indices looked set to build upon the previous session's solid gains.

As of 1520 GMT, the Dow Jones Industrial Average was up 1.52% at 35,763.11, while the S&P 500 was 2.04% firmer at 4,685.22 and the Nasdaq Composite came out the gate 2.77% stronger at 15,647.05.

The Dow opened 536.08 points higher on Tuesday, extending gains recorded in the previous session as fears regarding the Covid-19 omicron variant subsided.

Market participants now appear to be of the opinion that the risk posed by the new Covid-19 strain may be less than initially feared after White House Chief Medical Advisor Dr Anthony Fauci said over the weekend that initial data was "encouraging". However, he also warned that more information was required before the variant and its effects could be fully understood.

On the macro front, the US trade balance narrowed to $67.1bn in October, slightly ahead of estimates of $66.9bn but sharply lower than the prior month's revised print of $81.4bn Exports rose 8.1% to $223.6bn and imports ticked up 0.9% to $290.7bn.

Still come, October's consumer credit change data will follow at 2000 GMT.

Investors were also patiently awaiting fresh inflation data on Friday, with the consumer price index, expected to be even hotter than the previous month, seen as potentially being the catalyst for the Federal Reserve Bank to tighten its policies sooner than expected.

In the corporate space, retailer AutoZone posted first-quarter earnings and sales that topped analysts' expectations as same-store sales increased 13.6% throughout the period, while restauranteur Dave & Busters will update on recent trading after the close.

Dow Jones - Risers

Intel Corp. (INTC) $53.89 5.69%
American Express Co. (AXP) $167.82 4.44%
Salesforce.Com Inc. (CRM) $267.28 3.30%
Apple Inc. (AAPL) $170.19 2.95%
Goldman Sachs Group Inc. (GS) $398.11 2.26%
Visa Inc. (V) $207.22 2.24%
Nike Inc. (NKE) $172.46 2.10%
Dow Chemical Co. (DOW) $54.97 2.02%
Microsoft Corp. (MSFT) $332.40 1.90%
Chevron Corp. (CVX) $118.24 1.76%

Dow Jones - Fallers

Merck & Co. Inc. (MRK) $72.40 -1.39%
Verizon Communications Inc. (VZ) $50.71 -0.70%
Procter & Gamble Co. (PG) $151.75 -0.26%
Home Depot Inc. (HD) $414.86 -0.20%
Honeywell International Inc. (HON) $230.94 0.00%
Dowdupont Inc. (DWDP) $30.52 0.00%
Walmart Inc. (WMT) $139.04 0.03%
3M Co. (MMM) $177.47 0.15%
Coca-Cola Co. (KO) $55.01 0.18%
Travelers Company Inc. (TRV) $152.56 0.49%

S&P 500 - Risers

Fortinet Inc. (FTNT) $313.05 7.19%
Abiomed Inc. (ABMD) $325.72 5.70%
Devon Energy Corp. (DVN) $44.77 5.69%
Intel Corp. (INTC) $53.89 5.69%
Freeport-McMoRan Inc (FCX) $39.40 5.43%
Hess Corp. (HES) $81.31 5.37%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $410.95 5.37%
Marathon Oil Corp. (MRO) $16.42 5.28%
Diamondback Energy Inc. (FANG) $113.82 5.16%
Align Technology Inc. (ALGN) $671.27 5.06%

S&P 500 - Fallers

Merck & Co. Inc. (MRK) $72.40 -1.39%
Eli Lilly and Company (LLY) $243.49 -1.15%
H&R Block Inc. (HRB) $23.85 -1.10%
International Paper Co. (IP) $46.58 -1.00%
Dollar General Corp (DG) $223.50 -0.90%
Verizon Communications Inc. (VZ) $50.71 -0.70%
Southern Co. (SO) $64.31 -0.54%
McCormick & Co. (MKC) $89.64 -0.52%
Clorox Co. (CLX) $167.87 -0.51%
Hormel Foods Corp. (HRL) $42.82 -0.49%

Nasdaq 100 - Risers

Intel Corp. (INTC) $53.89 5.69%
Mercadolibre Inc. (MELI) $1,172.17 5.40%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $410.95 5.37%
Align Technology Inc. (ALGN) $671.27 5.06%
Adobe Systems Inc. (ADBE) $650.34 4.55%
Asml Holdings N.V. (ASML) $790.18 4.47%
Microchip Technology Inc. (MCHP) $87.47 4.19%
Applied Materials Inc. (AMAT) $153.54 4.18%
Micron Technology Inc. (MU) $85.86 4.13%
JD.com, Inc. (JD) $78.18 3.98%

Nasdaq 100 - Fallers

Check Point Software Technologies Ltd. (CHKP) $111.57 -0.63%
Gilead Sciences Inc. (GILD) $69.20 -0.43%
Ross Stores Inc. (ROST) $112.22 -0.41%
Vodafone Group Plc ADS (VOD) $14.99 -0.24%
Charter Communications Inc. (CHTR) $671.70 -0.19%
Sirius XM Holdings Inc (SIRI) $6.31 -0.16%
Mylan Inc. (MYL) $15.85 0.00%
Celgene Corp. (CELG) $108.24 0.00%
Shire Plc Ads (SHPG) $179.20 0.00%
Alexion Pharmaceuticals Inc. (ALXN) $182.50 0.00%