Stock futures rise slightly after Dow reports fifth consecutive day of profit

US stock futures closed higher on Tuesday evening after a mixed session as traders continued to assess the threat from the ommicron Covid-19 variant.

Futures linked to the Dow Jones Industrial Average were up 38 points, or 0.1%. S&P 500 futures were up 0.2% and Nasdaq 100 futures were up 0.3%.

More than 4.1 million cases of Covid have been confirmed in the US this month, according to data from Johns Hopkins University. That is well above the total of 2.54 million November. The country’s seven-day average of cases also stands at 231,888 cases, more than triple the average as of Nov. 27.

However, the Centers for Disease Control and Prevention recently shortened the isolation recommendation for people who test positive from 10 days to five if they have no symptoms. Research from South Africa also shows that ommicron infections can strengthen the defense against the delta variant.

Shares were under pressure at the end of November, when news of the ommicron variant first came out. However, they have since recovered, with the S&P 500 rising 4.8% in December.

Joe Terranova of Virtus Investment Partners told CNBC’s “Closing Bell” that the market has shown resilience in recent weeks as traders weigh the omicron variant and possibly tighter monetary policy from the Federal Reserve next year.

However, he noted that the “market’s risk profile is clearly changing” due to the potential for higher volatility in the new year.

The market “is leaning towards a more quality holding company,” Terranova said. “I don’t think the market wants the speculative areas in which investors have been rewarded in recent years. Those are the hypergrowth stocks, the high P/E, the crypto, the cannabis [names].”

During the regular trading session, the Dow posted its fifth consecutive day of gains, rising more than 90 points. The S&P 500 hit an intraday record before closing lower in the day. The Nasdaq Composite lagged, falling 0.6%.

Tuesday’s moves take place during the “Santa Claus rally” period, which includes the last five trading days of December and the first five of January. This is a historically strong period for the market, with the S&P 500 average of 1.7% since 1928.

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