By Danilo
Hey, mooers! Here are things you need to know before the opening bell:
- U.S. stock futures rose in early trading on Wednesday, after stocks continued their upward climb overnight from the omicron sell-off.
- Last year, Apple became the first American company to record a market value of $2 trillion. Another 6.8% gain will send its market cap to $3 trillion.
Market Snapshot
U.S. stock futures rose in early trading on Wednesday, after stocks continued their upward climb overnight from the omicron sell-off.
$Dow Jones Industrial Average (.DJI.US)$ futures lost 24 points, while $S&P 500 Index (.SPX.US)$ futures gained 2 points and $NASDAQ 100 Index (.NDX.US)$ futures were up by 0.2%.
Market Temperature
Read more: Market Temperature (12/8)
Top News
Futures point to more gains for u.s. stocks
U.S. stocks were poised for further gains, potentially pushing the S&P 500 toward record territory, amid optimism that the economic impact of Omicron will be less drastic than first feared. European and Asian indexes also broadly gained, while oil prices edged lower.
House votes to approve bill setting up process for lifting debt limit
House leaders introduced legislation that would pave the way for Democrats to raise the debt ceiling in the Senate without Republican support, as lawmakers closed in on a procedural agreement to resolve the partisan clash over lifting the borrowing limit.
Companies plan big raises for workers in 2022
Companies are planning for steeper wage increases next year than at any point since the 2007-2009 recession, according to a new report, amid a tight labor market and the highest inflation in three decades.
U.S. boosted oil and food exports in october, as the trade deficit narrowed
An increase in exports of energy and agricultural commodities outpaced growth in imports, which were restrained by a backlog at U.S. ports.
Supply-chain snags likely to persist, three ceos say
The chiefs of $Intel (INTC.US)$, $Wayfair (W.US)$ and $Accenture (ACN.US)$ each said that the disruptions rippling across the U.S. economy are improving for some companies but that long-term fixes might take much longer.
Facebook's head of messenger to leave company next year
Stan Chudnovsky's resignation is the latest in a series of high-profile departures from the social-media company. $Meta Platforms (FB.US)$
BlackRock to pull $2 trillion in assets from State Street
State Street was sole custodian for the investing firm's U.S. exchange-traded fund business for more than a decade. $Blackrock (BLK.US)$ $State Street (STT.US)$
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Could Apple hit $3 trillion market valuation?
Elon Musk slams billionaire tax again
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Key Events This Week
Source: CNBC, Dow Jones Newswires, Bloomberg

By Danilo
Hey, mooers! Here are things you need to know before the opening bell:
- U.S. stock futures dropped in early morning trading on Friday as investors geared up for a shortened trading day amid renewed Covid fears over a new variant found in South Africa.
- Shares of Malaysia glove stocks rose sharply on renewed buying interest after a new, fast-spreading coronavirus variant was found in South Africa.
Market Snapshot
U.S. stock futures dropped in early morning trading on Friday as investors geared up for a shortened trading day amid renewed Covid fears over a new variant found in South Africa.
Futures for the $Dow Jones Industrial Average (.DJI.US)$ fell 828 points, while those for the $S&P 500 Index (.SPX.US)$ and $NASDAQ 100 Index (.NDX.US)$ were also in in negative territory.
Market Temperature
Read more: Market Temperature (11/26)
Top News
Stock futures, oil drop on concerns over covid strain
U.S. stock futures and international equity markets fell after South Africa warned about a new strain of the coronavirus, triggering concern about the potential for travel restrictions or other curbs. Oil prices and Treasury yields also declined.
Another reason inflation may be here to stay
Rent rises that haven't yet been measured will filter through to higher services inflation in coming months.
Antitrust tech bills gain bipartisan momentum in senate
Support for curbing large technology companies' market power is widening in the Senate, with lawmakers in both parties endorsing new legal constraints on search engines, e-marketplaces, app stores and other online platforms.
When will shortages end? here's why forecasts are often wrong
Bottlenecks could finally be easing, but investors should remember that individual companies tend to underestimate the scope of global supply-chain problems.
Micron, UMC reach settlement in IP theft case
U.S. memory-chip maker $Micron Technology (MU.US)$ and Taiwan's $United Microelectronics (UMC.US)$ have reached a global settlement related to Micron's allegations of intellectual property theft.
Uber CFO focuses on revenue growth after profitability milestone
Nelson Chai said the company wants to keep improving adjusted Ebitda but long-term growth is "the real focus point." $Uber Technologies (UBER.US)$
New covid-19 variant drives rally in Malaysia glove stocks
Shares of Malaysia glove stocks rose sharply on renewed buying interest after a new, fast-spreading coronavirus variant was found in South Africa.
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Key Events This Week
Source: CNBC, Dow Jones Newswires, Bloomberg

By Julianna
Investors appear to be losing patience with Ark Investment Management's genomics fund.
$ARK Genomic Revolution ETF (ARKG.US)$ is an actively managed ETF that focus on health care, information technology, materials, energy, and consumer discretionary.
Companies within ARKG are focused on and are expected to substantially benefit from extending and enhancing the quality of human and other life by incorporating technological and scientific developments and advancements in genomics into their business.
- according to ARKG fund description.
However, ARKG is down 30% this year as investors shun health-care stocks in favor for more cyclical names that perform well during an economic recovery. Even so, this ETF is faring far worse than the broader biotech sector, with the $Dow Jones U.S. Biotechnology Index (.DJUSBT.US)$up 11.35% this year.
ARKG is currently trading at $65.16 a share, 43% lower from its peak in this February. The genomics fund has also seen the largest outflows among Ark's ETFs this year.
It's interesting that typically loyal Ark investors have been bailing on the ETF.
The fund's assets have been chopped in half since February. While I don't believe the ETF is experiencing some of sort of 'doom loop,' clearly the outflows are putting downward price pressure on the underlying holdings and testing the will of remaining fund owners.
- said Nate Geraci, president of The ETF Store, an advisory firm.
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ARKG's top two holdings, $Teladoc Health (TDOC.US)$and $Exact Sciences (EXAS.US)$, heavily impact its performance, with drops of 47% and 33.5% this year, respectively.
The recent outflows may be due to investors looking for shorter-term opportunities into the year-end and freeing up cash.
- said Sylvia Jablonski, chief investment officer at Defiance ETFs.
Ark Chief Executive Officer Cathie Wood is well-known for prioritizing longer term investments over short-term gains.
This is a 5-10 year hold. AI in health care is going to change the way that we can predict, treat and manage the most difficult diseases like cancer, and the Ark fund gives investors access to the companies who are on the cutting edge of that research.
- Jablonski added.
Have you ever invested in the Biotechnology sector? Do you agree with Jablonski's opinion?
Source: Bloomberg