Salem Radio Network News Wednesday, January 26, 2022

Business

Nasdaq futures jump as tech stocks bounce back

(Reuters) – Futures tracking the Nasdaq 100 index jumped on Tuesday as technology stocks rebounded with easing concerns about the Omicron variant, while shares in chip giant Intel rose following plans to take its self-driving-car unit public.

Some high-flying technology shares have been battered in recent days as investors priced in an aggressive tightening of U.S. monetary policy despite concerns about the Omicron coronavirus variant.

Tesla Inc rose 3.3% in premarket trading after dropping into bear market territory on an intraday basis on Monday, falling more than 20% from its record high close hit on Nov 4.

Intel Corp surged 8.1% after revealing plans to take Mobileye public in the United States in mid-2022, a deal which could value the Israeli unit at more than $50 billion, according to a source.

Other chipmakers Advanced Micro Devices, Micron Technology and Nvidia rose between 1.8% and 3.2%. Big tech stocks including Amazon, Alphabet, Apple and Microsoft rose about 2% each in early trading.

At 5:30 a.m. ET, Dow e-minis were up 342 points, or 0.97%, S&P 500 e-minis were up 57.75 points, or 1.26%, and Nasdaq 100 e-minis were up 274.75 points, or 1.73%.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Maju Samuel)

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