The markets are rebounding following Monday’s big slide, which also marked three down sessions in a row on fears about the omicron variant — and more in Tuesday’s stock market recap.
Even travel stocks like cruise and airlines are up Tuesday morning. Royal Caribbean Cruises Ltd. (NYSE: RCL) and Carnival Corp. (NYSE: CCL) are up 1.5% and 2.5%, respectively. United Airlines Holdings Inc. (Nasdaq: UAL), American Airlines Group Inc. (Nasdaq: AAL) and Delta Air Lines Inc. (NYSE: DAL) are all up more than 1%.
The new omicron variant is now the dominant COVID-19 strain, making up about 73% of sequenced cases for the week ending December 18.
With this variant spreading during a busy holiday travel season, the Biden administration announced plans to deploy 1,000 military medical personnel to support hospitals. It’s also set to purchase 500 million at-home COVID-19 tests that Americans can order online for free.
So with the market rebounding, let’s take a look at the strongest sector and stock as well as the weakest sector and stock.
In this morning’s stock market recap video, you’ll learn whether Monday was a power move or a major shakeout… what the volatility indicator is telling us about upcoming market action… whether market internals are overbought or oversold… which sectors are leading and which are following… whether Tuesday’s Redbook report is going to preview retail data… what to expect from Wednesday’s GDP report… and how to trade the current market cycle.
Don’t forget to like and subscribe to our YouTube channel if you haven’t already so you can be notified as soon as we post our next video and see what other trade opportunities we’re paying close attention to!
Roger’s Radar: Tuesday’s Redbook Report
Redbook’s year-on-year data, which tracks year-on-year same-store sales growth, will be released Tuesday. This is a private report that samples about 9,000 U.S. retailers, giving us retail sales on an annual basis.
While the Redbook only covers about 10% of total retail sales, it reflects the broader industry. Consumer spending of course makes up over two-thirds of the U.S. economy.
The expectation is a number of 15.7. And if the number reported is strong, that will give us a good idea of how consumer sentiment, the GDP and consumer confidence will look. It’s not always accurate, but it’s a good indicator.
Stock Market Recap: By the Numbers
This morning’s stock market futures recap:
- Close: 34,932.16.
- Futures: 35,106.
- Change: +296.
S&P 500 (mini)
- Close: 4,568.02.
- Futures: 4,600.25.
- Change: +41.
- Close: 15,627.64.
- Futures: 15,796.
- Change: +176.25.
- Close: 2,139.87.
- Futures: 2,160.3.
- Change: +24.4.
Note: Updated as of 9:06 a.m. EST
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Check back each morning for Roger’s Radar and the most important news and numbers in the WealthPress stock market recap.