Oil Holds Steady Ahead Of Inventory Data

Oil prices were flat to slightly higher on Tuesday after a sharp fall in the previous session on worries about the disruptive impact of the new Omicron coronavirus variant.

Benchmark Brent crude futures edged up 0.1 percent to $71.61 per barrel, while U.S. West Texas Intermediate (WTI) crude futures were up half a percent at $68.88.

Covid-19 worries persist, with investors awaiting U.S. President Joe Biden’s announcement on new steps he is taking to fight the Omicron variant.

There is now consistent evidence that Omicron is spreading significantly faster than the Delta variant, WHO director-general Tedros Adhanom Ghebreyesus said.

Omicron accounted for 73 percent of new infections in the U.S. last week, a nearly six-fold increase in only seven days.

The European Union approved its fifth Covid-19 vaccine Monday as new infections multiply rapidly across the region. In Asia, cases of coronavirus have surged in Australia and South Korea.

New Zealand delayed the planned reopening of its international border because of the sweeping spread of Omicron around the world, just days ahead of Christmas and New Year celebrations.

Meanwhile, U.S. drug maker Moderna Inc. said a third dose of its Covid-19 vaccine increased antibody levels against the omicron variant.

Investors await inventory reports from the American Petroleum Institute and the U.S. Department of Energy for further direction.

Pre-market Movers: XCUR, MIND, NES, APTO, ALZN…

The following are some of the stocks making big moves in Tuesday’s pre-market trading (as of 07.05 A.M. ET).

In the Green

Exicure, Inc. (XCUR) is up over 40% at $0.38
MIND Technology, Inc. (MIND) is up over 37% at $1.89
Nuverra Environmental Solutions, Inc. (NES) is up over 25% at $2.27
Alzamend Neuro, Inc. (ALZN) is up over 11% at $2.67
Atara Biotherapeutics, Inc. (ATRA) is up over 9% at $17.14
Molecular Partners AG (MOLN) is up over 9% at $16.00
Beyond Meat, Inc. (BYND) is up over 5% at $66.75
DBV Technologies S.A. (DBVT) is up over 5% at $2.76
1847 Goedeker Inc. (GOED) is up over 5% at $2.30

In the Red

Aptose Biosciences Inc. (APTO) is down over 16% at $1.62
SeaChange International, Inc. (SEAC) is down over 11% at $1.53
Energy Focus, Inc. (EFOI) is down over 9% at $4.25
Brainstorm Cell Therapeutics Inc. (BCLI) is down over 6% at $3.57
East Stone Acquisition Corporation (ESSC) is down over 5% at $17.32
Tonix Pharmaceuticals Holding Corp. (TNXP) is down over 5% at $0.39

Gold Inches Higher As Dollar Softens

Gold prices rose slightly on Tuesday as the dollar softened amid improved risk appetite. U.S. Treasury yields were flat ahead of an auction for 20-year bonds.

Spot gold edged up 0.4 percent to $1,798.9 per ounce, while U.S. gold futures were up 0.2 percent at $1,797.95.

Some economists lowered their growth forecasts for the United States after Democratic lawmaker Sen. Joe Manchin said he will not support President Biden’s $1.75 trillion spending plan.

In an interview with West Virginia radio host Hoppy Kercheval on Monday, Sen. Joe Manchin said that he supported his party’s budget resolution as he wanted to “fix” U.S. corporate and income tax rates “so that everybody paid their fair share.”

Senate Majority Leader Chuck Schumer said that there will be a vote on a revised version of the Build Back Better Act in January.

Developments related to the omicron variant of the coronavirus remained in focus, with Moderna announcing that a booster dose of its Covid-19 vaccine increased antibody levels against Omicron.

The currently authorized 50 microgram booster dose increased neutralizing antibody levels against Omicron approximately 37-fold compared to pre-boost levels.

Rupee jumps 31 paise to end at 75.59 against US dollar

The dollar index, which gauges the greenback’s strength against a basket of six currencies, declined 0.20 per cent to 96.35.

The rupee surged by 31 paise to close at 75.59 (provisional) against the US dollar on December 21 as positive domestic equities and a weak American currency in the overseas markets boosted investor sentiment.

At the interbank forex market, the domestic unit opened strong at 75.74 against the greenback and witnessed an intra-day high of 75.41 and a low of 75.74 during the day’s trade. It finally ended at 75.59 a dollar.

In the previous session, the rupee had settled at 75.90 against the US dollar.

On the domestic equity market front, the BSE Sensex surged 497.00 points or 0.89 per cent to end at 56,319.01, while the broader NSE Nifty jumped 156.65 points or 0.94 per cent to 16,770.85.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, declined 0.20 per cent to 96.35.

Brent crude futures, the global oil benchmark, surged 0.87 per cent to USD 72.14 per barrel.

Foreign institutional investors remained net sellers in the capital market on Monday, as they offloaded shares worth Rs 3,565.36 crore, according to exchange data.

Sensex surges 497 points; Nifty ends above 16,750

HCL Tech was the top gainer in the Sensex pack

Equity benchmark Sensex rebounded 497 points on Tuesday after a two-day selloff, tracking gains in index majors Reliance Industries, ICICI Bank and HDFC Bank amid a positive trend in other Asian markets.

The 30-share BSE index jumped 497 points or 0.89% to end at 56,319.01. Similarly, the NSE Nifty advanced 156.65 points or 0.94% to 16,770.85.

HCL Tech was the top gainer in the Sensex pack, rising around 4%, followed by Wipro, Tata Steel, Titan, Tech Mahindra and Sun Pharma.

On the other hand, PowerGird, Axis Bank, Bajaj Finance and SBI were among the losers.

Indian benchmarks were positive tracking gains in other Asian markets, said Gaurav Garg, Head of Research, Capitalvia Global Research.

"Traders took encouragement as a Commerce Ministry official said Indian exports showed a turnaround after December last year and are still strong," he added.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with gains.

Stock exchanges in Europe were also trading on a positive note in mid-session deals.

Meanwhile, international oil benchmark Brent crude slipped 0.07% to $71.47 per barrel.