US open: Dow Jones erases yesterday’s losses in early trade

dl nyse new york stock exchange wall st street city finance dow jones nasdaq sp finance dollar dollars us usa united states of america 2 — New York Stock ExchangeSharecast photo / Josh White

Wall Street stocks were trading higher early on Thursday after America's first omicron case fuelled yet another sell-off in the previous session.

As of 1535 GMT, the Dow Jones Industrial Average was up 1.39% at 34,495.76 and the S&P 500 was 0.94% firmer at 4,555.44, while the Nasdaq Composite came out the gate 0.13% stronger at 15,273.38.

The Dow opened 473.72 points higher on Thursday, reversing losses recorded in the previous session after the White House tightened travel restrictions in the wake of the variant's arrival in California.

In response to the country's first confirmed omicron case, the Biden administration said it now required inbound passengers to the US to be tested within 24 hours before departure. It also requested businesses proceed with vaccination requirements.

At the opening bell, airline, casino and energy stocks were in the green, with Boeing, Royal Caribbean and MGM Grand all trading higher.

In terms of earnings, Dollar General posted a third-quarter earnings per share beat and in-line revenues prior to the open but opted to narrow its full-year sales forecast, and supermarket giant Kroger lifted its full-year forecasts despite supply chain woes and inflation worries.

On the macro front, data from Challenger Gray & Christmas revealed job cuts fell to 14,875 in November, down 77% year-on-year to the report's lowest number since 1993.

Elsewhere, US jobless claims rebounded a little following a steep drop during the previous week that saw them fall to a level not seen since November 1969. According to the Department of Labor, in seasonally adjusted terms, the number of people filing for initial unemployment claims rose by 28,000 over the week ended 27 November to 222,000. Economists had pencilled-in an increase to reach 240,000.

Dow Jones - Risers

American Express Co. (AXP) $155.32 3.51%
Boeing Co. (BA) $193.59 2.87%
Visa Inc. (V) $195.20 2.65%
Travelers Company Inc. (TRV) $149.22 2.57%
Cisco Systems Inc. (CSCO) $56.31 2.32%
Walt Disney Co. (DIS) $145.33 2.24%
Salesforce.Com Inc. (CRM) $257.01 2.19%
McDonald's Corp. (MCD) $248.97 1.96%
Chevron Corp. (CVX) $114.25 1.92%
JP Morgan Chase & Co. (JPM) $160.87 1.89%