S&P 500 Follows Omicron Selloff Bounce by Tesla, Tech Lead Earnings by Investing.com

By Yasin Ebrahim

Investing.com – The S&P 500 rose on Wednesday, following a rebound from recent omicron-led sales, with Tesla as an infusion rally in consumer discretion and a strong push for high-tech stocks in stocks.

It was up 0.8%, up 0.6%, or 204 points, up 0.9% and up 0.7%.

Tesla (NASDAQ 🙂 rose more than 6% after CEO “Elon Musk” sold “enough shares” to sell its 10% stake in the electric car company.

The move over Teslan comes just weeks before the EV manufacturer updated in the fourth quarter on shipments.

“Tesla typically delivers within 2-3 days of the end of the quarter, so expect results early in the new year,” RBC Capital Markets said in a statement, with a total of 285,000 units of 4Q21 shipments forecast.

Consumer discretion was also driven by the rise in stock reopening as market travel and hospitality corners benefited.

Carnival (NYSE :), Royal Caribbean Cruises (NYSE 🙂 rose by more than 3% Expedia (NASDAQ 🙂 up 2%.

The feeling of reopening stocks was also reinforced by the news that Pfizer’s Covid-19 pill has been picked up. Pfizer’s Paxlovid is the first home drug licensed for Covid-19.

“Pfizer is ready to start shipping PAXLOVID to the US as soon as possible to help put it in the hands of the right patients,” said Albert Bourla, President and CEO. Pfizer (NYSE :).

Big technology, with the exception of Meta, formerly known as Facebook (NASDAQ :), also saw a wider market.

Microsoft (NASDAQ :), Google-parent Alphabet (NASDAQ :), Apple (NASDAQ 🙂 and Amazon (NASDAQ 🙂 were higher.

Energy was added as one-day earnings rose more than 1% as oil prices fell more than expected in the fall in U.S. crude weekly inventories.

U.S. stocks fell 4.7 million barrels, up from expectations of 2.8 million barrels.

Devon Energy (NYSE :), APA (NASDAQ :), Oil Marathon (NYSE 🙂 were the main gains in the energy sector.

While in the industry The caterpillar Inc (NYSE 🙂 rose more than 1% after Bernstein upgraded the company to outperform, citing a 2022 increase.

Coinbase (NASDAQ 🙂 rose 2% after Oppenheimer named the company the first option for 2022, as the acceleration in digital assets will continue to boost growth in cryptocurrency exchanges.

“For institutional investors interested in exposure to digital assets, we believe in COIN [Coinbase] it’s well-positioned to benefit, ”Oppenheimer said.

On the economic front, U.S. consumers continued to be resilient by removing concerns about inflation amid “strong income expectations,” Jefferies said.

It rose to 115.8 in December, well above the 111.0 reading consensus.

The developments in Washington also helped melt the market, after President Joe Biden said he would extend the suspension of student loan payments until May 1.