Stock Market Today: Stocks Bounce Back With Oil Up Sharply Ahead of OPEC Meeting - Barron's

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The rally also extended to Europe. The Frankfurt bourse's index was up around 1.5%.

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Stocks were rebounding from a Tuesday rout, with markets watching key economic data as well.

Shortly after the open, the Dow Jones Industrial Average was up 225 points, or 0.7% after a 1.9% fall Tuesday, and the S&P 500 rose 1% after declining 1.9% the day before. The Nasdaq Composite was up 1.1% after falling 1.6% Tuesday.

“U.S. equity futures are rebounding with European stocks and other risk assets such as oil this morning as Omicron fears continue to ebb and flow,” wrote Tom Essaye, founder of Sevens Report Research. 

Tuesday, stocks spiraled after large Covid-19 vaccine and treatment producers said their remedies were likely to be less effective at immunizing against the new variant, Omicron. Plus, Federal Reserve Chair Jerome Powell said the Fed may soon consider upping the pace of its tapering, or the reduction of its bond buying program. The combination sent the S&P 500 to a level almost 3% below its all-time high, hit in November. 

Now, investors are swooping up stocks that had been on sale, though the S&P 500 and the Dow remain below their highs. 

Alongside a rising stock market, investors are generally moving out of safer assets and into riskier ones. The price of the 10-year Treasury bond dipped as the yield ticked up to as high as 1.5% overnight, after having hit as low as 1.42% Tuesday. WTI crude oil was rising more than 4% to over $69 a barrel.  

Investors are also mulling over the latest economic data. The ADP jobs report revealed that the U.S. added 534,000 private-sector jobs in the month of November, beating estimates of 525,000. This is the second strong jobs report in a row, but that could mean the Fed may reduce support from markets and the economy more quickly. To be sure, the more reliable job market data point will be Friday’s employment report from the Bureau of Labor Statistics. 

Later, the Institute for Supply Management will release its manufacturing index. Investors want to see that supply chain constraints are easing and that manufacturing activity is still growing at a brisk clip. 

The Hang Seng Index closed up 0.8%, with the Shanghai Composite rising 0.4%. Japan’s Nikkei was up 0.4%.

The rally also extended to Europe, with the Stoxx 600 index up 1.3%.

Here are six stocks on the move Wednesday:

Apple (ticker: AAPL) had been the top—and one of the few—risers in New York on Tuesday, up 3.2%. The stock rose 0.6% in morning trading.

Salesforce.com (CRM) stock fell 5.2% after the company reported a profit of $1.27 a share, beating estimates of 92 cents a share, on sales of $6.9 billion, above expectations for $6.8 billion. 

Hewlett Packard Enterprise (HPE) stock dipped 2.5% after the company reported a profit of 52 cents a share, beating estimates of 48 cents a share, on sales of $7.35 billion, below expectations for $7.38 billion. 

Zscaler (ZS) stock rose 4.5% after the company reported a profit of 14 cents a share, beating estimates of 12 cents a share, on sales of $230.5 million, above expectations for $212 million. 

Vertex Pharmaceuticals (VRTX) stock gained 5.3% after the company reported positive results for a drug meant for a severe genetic kidney disorder. 

DoorDash (DASH) stock rose 2.5% after getting upgraded to Buy from Hold at Gordon Haskett. 

Write to Jacob Sonenshine at jacob.sonenshine@barrons.com and Pierre Briançon at pierre.briancon@dowjones.com

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