By Oliver Gray
Investing.com - U.S. stock futures were trading higher in early APAC deals on Wednesday, after major benchmark indices rebounded in the previous session, with the S&P 500 and Nasdaq Composite posting their best daily performances since March amid a strong relief-rally as market participants shrugged off Omicron fears to buy the dip, while lower long term bond yields boosted gains the tech sector.
The Dow Jones Industrial Average rose 492.40 points, or 1.4%, to 35,719.44, the S&P 500 added 95.08 points or 2.07% to 4,686.76 and the NASDAQ Composite gained 461.76 points or 3.03% to 15,686.92.
Dow Jones 30 Futures added 0.05%, S&P 500 Futures gained 0.09% and Nasdaq 100 Futures lifted 0.12%.
Among stocks, technology names lifted, with Amazon.com Inc (NASDAQ:AMZN) up 2.8%, Microsoft Corporation (NASDAQ:MSFT) gaining 2.68%, Meta Platforms Inc (NASDAQ:FB) up 1.55%, Apple Inc (NASDAQ:AAPL) gaining 3.54% and Alphabet Inc (NASDAQ:GOOGL) up 2.87%. In addition, Square Inc (NYSE:SQ) surged 5.45%, Okta Inc (NASDAQ:OKTA) rose 5.7%, while Crowdstrike Holdings Inc (NASDAQ:CRWD) added 4.9% and Adobe (NASDAQ:ADBE) gained 4.4%.
Chipmakers also surged, with Intel (NASDAQ:INTC) leaping 3.1% following news that it’s planning to take its self-driving car unit, Mobileye (F:0ME), public in mid-2022. NVIDIA Corporation (NASDAQ:NVDA) climbed 7.96%, Micron (NASDAQ:MU) added 4.1% and Marvell Technology Group Ltd (NASDAQ:MRVL) gained 7.12%.
Energy stocks gained amid rising Oil prices as outlook for global demand improves. Occidental Petroleum Corporation (NYSE:OXY) added 4.29%, Devon Energy Corporation (NYSE:DVN) was up 6.52%, Diamondback Energy Inc (NASDAQ:FANG) gained 6.8%, Exxon Mobil Corp (NYSE:XOM) added 1.12% and Chevron Corp (NYSE:CVX) lifted 1.48%.
Elsewhere, Tesla (NASDAQ:TSLA) shares gained 4.24% as UBS raised its price target.
In extended deals, Stitch Fix (NASDAQ:SFIX) dropped 17.9% after reporting weak second quarter and full-year revenue guidance, while missing estimates for its first quarter active customers. Pagerduty Inc (NYSE:PD) popped 10.84% after reporting better-than-expected earnings and revenue guidance for the fourth quarter. ChargePoint Holdings Inc (NYSE:CHPT) also lost 2.8% after reporting a loss of 21 cents per share and revenues of $US65 million, higher than the estimated $64.8 million, according to Refinitiv.
On the bond markets, United States 10-Year rates were at 1.483%.
Later in the week, investors will be keeping a keen eye on JOLTs Job Openings, Initial Jobless Claims and Core CPI data.