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Vladimir Stephen Magarro
Dec 28, 2022 7:48PM ET
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Dow futures rise as China's reopening fuels year-end market optimism
© Reuters.
By Daniel Shvartsman
Investing.com - Dow futures rose to start the last week of the year, as optimism over China's restrictive COVID policies ending sparked hope of a Santa rally.
Dow Jones Futures were up 230 points or 0.7% at 06:20 ET (11:20 GMT) to 33407. S&P 500 Futures also traded 0.7% higher, while Nasdaq 100 Futures were up 0.65%. Russell 2000 Futures were up 1.1%.
Chinese officials announced that quarantining would no longer be required for inbound travelers as of January 8th, 2023. Only a negative PCR test would be required, a decrease in requirements that has already led to a spike in travel bookings from Chinese consumers.
The holiday week should see thin trading, with the economic calendar containing only a few events today, including the Case-Shiller housing index and U.S. retail inventories.
In pre-market trading, Tesla Inc (NASDAQ:TSLA) dropped 3.6% as reports came that it would extend its light production schedule in Shanghai. Southwest Airlines Company (NYSE:LUV) dropped 3% as it dealt with flight cancellations in the wake of the recent disruptive weather in the U.S.
Signs that the China news or inertia would support a risk-on rally could be seen in commodity markets, with Crude Oil WTI Futures jumping 1.1% and Brent Oil Futures up 1% in early morning trading. Gold Futures continued its strong year-end momentum, trading 0.7% higher. The EUR/USD also rose 0.3% against the dollar, while the US Dollar Index dropped 0.3%. The United States 10-Year rose 0.8% in early trading.
AMC Entertainment Holdings Preferred Units (NYSE:APE) continued to rise in the pre-market, up 27% to 2.2, while the common stock AMC Entertainment Holdings Inc (NYSE:AMC) shares dropped 7.7% pre-market, as the arbitrage between the two securities continued to close off of a mooted plan to convert units into shares.
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Comments (10)
Sok Then
Dec 28, 2022 7:59AM ET
no
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vhv gy
Dec 28, 2022 1:46AM ET
no
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Razaullah raza
Dec 28, 2022 1:46AM ET
H
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Abdul Nasir
Dec 28, 2022 12:36AM ET
I think 2023 year will be best year for investors because everyone is waiting for 2023..
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Md Babu
Dec 27, 2022 2:03PM ET
01903214169
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Shafiq Khan
Dec 27, 2022 2:03PM ET
My name is Shafiq Khan my country Afghanistan
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Art Carrano
Dec 27, 2022 9:59AM ET
Lol
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Ibrahim Abass
Dec 27, 2022 9:59AM ET
hi
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Hank Williams
Dec 27, 2022 9:57AM ET
Any China reopening is going to be like pouring gasoline on the inflation fire.
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Stephen Fa
Dec 27, 2022 8:17AM ET
Going long on non-hedged, emerging market Asia funds (blend of stocks and bonds)
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Warm Camp
Dec 27, 2022 8:02AM ET
China re-opening is good for some stock sectors/equities, correlated better with China, not for the whole U.S. stock market.
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Elvis Durant
Dec 27, 2022 7:39AM ET
Hopium......
2
0
Shafiq Khan
Dec 27, 2022 7:39AM ET
My name is Shafiq Khan my country Afghanistan
0
0
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