By Dhirendra Tripathi
Investing.com -- Stocks jumped on Tuesday, lifted by strong earnings at Nike and Micron and a rebound in tech stocks.
The swift emergence of Omicron as the dominant coronavirus variant in the U.S. has alarmed investors. Public health officials say the strain was responsible for 73% of infections last week, up from just 13% the week before.
But as European nations reinstate lockdowns, President Joe Biden said on Tuesday he did not intend to lockdown the U.S., emphasizing testing and vaccination.
The White House said it will make 500 million at-home tests available for anyone who asks starting next month, at no cost. It is also preparing military doctors and nurses to help overwhelmed hospitals cope with a winter surge of cases.
Nike Inc (NYSE:NKE)led the Dow Jones Industrial Average higher, beating quarterly estimates and offering a positive outlook on supply chains going forward.
Micron Technology Inc (NASDAQ:MU) helped chipmakers after topping Wall Street forecasts for profit and revenue.
Here are three things that could affect markets tomorrow:
1. Carmax earnings
CarMax Inc (NYSE:KMX) will reveal its third-quarter numbers Wednesday. The company is expected to report revenue of $7.28 billion and profit per share of $1.47, according to analysts tracked by Investing.com.
2. Economic output
Another reading of third-quarter U.S. GDP growth is likely to show a 2.1% rise at an annualized pace, a negligible improvement from the first estimate of 2% given in October. It had grown by 6.5% in the second quarter. The number comes out at 8:30 AM ET (1230 GMT).
3. Consumer confidence
The consumer confidence, as measured by the Conference Board, is likely to have improved to 110.8 in December from November’s 109.5, according to estimates by analysts tracked by Investing.com. The number comes out at 10:00 AM ET.