US open: Stocks trade higher following three-day slump

dl wall street st new york city nyc nyse stock exchange ny dow jones nasdaq sp finance us usa united states of america — Wall StreetSharecast photo / Josh White

Wall Street stocks were in the green early on Tuesday following a three-day slump for major indices.

As of 1515 GMT, the Dow Jones Industrial Average was up 1.01% at 35,285.73, while the S&P 500 was 0.64% firmer at 4,597.13 and the Nasdaq Composite came out the gate 0.56% stronger at 15,064.32.

The Dow Jones opened 353.57 points higher on Tuesday, reclaiming some of the losses recorded in the previous session as market participants monitored a resurgence in global Covid-19 cases due to the fast-spreading omicron variant.

Omicron was still firmly in focus at the opening bell on Tuesday, with the variant now being found in at least 43 US states and over 90 countries across the globe.

The World Health Organization warned that omicron was more contagious than any previous strain of Covid-19 on Monday, with the variant accounting for 73% of new infections in the States last week.

The yield on the benchmark 10-year Treasury note rebounded slightly to 1.473% after fears regarding omicron decelerating the US' economic recovery dragged it down as low as 1.36% last week.

Market participants were also continuing to digest news that President Joe Biden's economic agenda might be stalled, with the Senate set to vote on his social safety net and climate policy bill in January, despite Democratic senator Joe Manchin's opposition to it.

Reopening plays like Royal Caribbean, Carnival and Wynn Resorts were trading slightly higher at the open, while Micron shares surged after the chipmaker posted better than expected quarterly earnings overnight and issued some bullish guidance.

In terms of today's earnings, Apogee narrowed its full-year adjusted profit guidance and posted a third-quarter profit beat on slightly increased revenues, while General Mills missed quarterly profit estimates on the back of supply chain woes throughout the period.

Still to come, BlackBerry will update on recent trading after the close.

No major data points were slated for release on Tuesday.

Dow Jones - Risers

Nike Inc. (NKE) $165.74 5.58%
Boeing Co. (BA) $195.28 3.61%
American Express Co. (AXP) $159.61 2.39%
Walt Disney Co. (DIS) $149.51 2.08%
Dow Chemical Co. (DOW) $54.57 1.98%
Visa Inc. (V) $212.75 1.92%
Travelers Company Inc. (TRV) $156.42 1.88%
JP Morgan Chase & Co. (JPM) $156.33 1.55%
Walgreens Boots Alliance, Inc. (WBA) $49.58 1.55%
Goldman Sachs Group Inc. (GS) $376.39 1.29%