By Oliver Gray
Investing.com - U.S. stock futures were trading steady in early APAC deals on Tuesday after major benchmark averages on Wall Street closed at fresh record highs as investors remained optimistic about the economic recovery despite the accelerating spread of the coronavirus Omicron variant.
In Monday’s regular deals, the Dow Jones Industrial Average rose 246.76 points, or 0.68%, to hit a record close of 36,585.06. The S&P 500 also notched a record close, as it gained 30.38 points or 0.64% to reach 4,796.56. The Nasdaq led the gains, advancing 187.83 points or 1.2% to hit 15,832.80.
Dow Jones 30 Futures fell 0.08%, S&P 500 Futures added just 0.02% and Nasdaq 100 Futures were up 0.07%.
Among stocks, Tesla Inc (NASDAQ:TSLA) soared 13.53% after the company announced it delivered 308,600 vehicles in Q4, beating estimates of 263,026. Rivian Automotive Inc (NASDAQ:RIVN) lost 0.94% while Lucid Group Inc (NASDAQ:LCID) gained 7.57%.
Major tech companies were mostly higher as Apple Inc (NASDAQ:AAPL) rose 5%, becoming the first U.S. company to reach a $3 trillion market cap. Sq added 1.56%, Amazon.com Inc (NASDAQ:AMZN) added 2.21%, Meta Platforms Inc (NASDAQ:FB) lifted 0.65%, Alphabet Inc (NASDAQ:GOOGL) added 0.1% while NVIDIA Corporation (NASDAQ:NVDA), Intel Corporation (NASDAQ:INTC) and Advanced Micro Devices Inc (NASDAQ:AMD) gained 2.41%, 3.32% and 4.41% respectively.
Financial stocks also saw significant gains as long term bond yields lifted. JPMorgan Chase & Co (NYSE:JPM) added 2.12%, Citizens Financial Group Inc (NYSE:CFG) gained 4%, Bank of America Corp (NYSE:BAC) added 3.8%, Citigroup Inc (NYSE:C) was up 4.49% and Wells Fargo & Company (NYSE:WFC) rallied 5.73%.
On the bond markets, United States 10-Year rates lifted to near 2-month highs of 1.653%.
On the data front, U.S. construction spending increased 0.4% compared to market expectations of 0.6% while the IHS Markit Manufacturing PMI was revised slightly lower to 57.7 from a preliminary of 57.8 as companies recorded the softest rise in new orders for a year and a further substantial deterioration in vendor performance amid severe material shortages.