US pre-open: Futures edge lower in muted trade
US futures were lower ahead of the final session of the year as traders prepared for New Year’s eve celebrations against the backdrop of growing Covid Omicron cases.
Dow Jones futures were down 0.16% ahead of the opening bell, with S&P futures off 0.15% and Nasdaq down 0.18%.
With the holiday looming and no major corporate or economic announcements scheduled, volumes were expected to be thin.
With the so-called “santa rally” coming to an abrupt halt, investors have taken a cautious view going into 2022 as they wait to see whether the new coronavirus variant will hit the faltering global economic recovery.
Surging case numbers have already seen restrictions reimposed in parts of Europe, while the US airline sector has been battered again by thousands of flight cancellations.
The spectre of inflation also hovers over investment decisions as consumers, sellers and manufacturers face higher prices due to product and labour shortages.
US inflation is at its highest level for almost 40 years, and the Federal Reserve has also flagged a series of interest-rate increases from next spring.