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Wall St set to open higher on gains in Walgreens, Best Buy

11/22/2022 | 09:12am EST

(For a Reuters live blog on U.S., UK and European stock markets, click or type LIVE/ in a news window.)

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Best Buy up, sees smaller annual sales drop

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Medtronic down, lowers FY profit outlook

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Tesla attempts to recoup losses post slump

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Futures up: Dow 0.44%, S&P 0.49%, Nasdaq 0.40%

Nov 22 (Reuters) - Wall Street's main indexes were set to open higher on Tuesday, with gains in shares of Walgreens and Best Buy helping investors assuage worries around the economic fallout of stricter COVID-19 curbs in China.

Leading gains among S&P 500 components trading before the bell, Best Buy Co Inc jumped 9.1% after forecasting a smaller-than-expected drop in annual sales ahead of the crucial holiday season.

Dow component Walgreens Boots Alliance Inc rose 1.7% after Cowen & Co upgraded the drug distributor stock, citing its healthcare services business push.

Markets, however, remained cautious as China strengthened its fight against COVID-19 with Beijing shutting parks, malls and museums, while other cities resumed mass testing.

"The markets are moved by China again. Dynamic zero COVID again," said Thomas Hayes, chairman at Great Hill Capital in New York.

Hayes said there was a little bit of relief in risk markets, with the dollar and yield on the 10-year Treasury note lower.

"You're going to see tech and semis getting a bid," he said.

Shares of chipmaker Advanced Micro Devices Inc rose 1.0%, while Apple Inc added 0.4%.

Tesla Inc shares attempted to recoup some declines, rising 1.5%, after falling 6.8% in the previous session when the electric-vehicle maker said it will recall vehicles in the United States.

Meanwhile, U.S.-listed shares of Chinese companies including Pinduoduo Inc, Bilibili Inc and JD.com Inc slipped between 1.8% and 2.8%.

At 8:54 a.m. ET, Dow e-minis were up 148 points, or 0.44%, S&P 500 e-minis were up 19.25 points, or 0.49%, and Nasdaq 100 e-minis were up 46 points, or 0.4%.

Wall Street's main indexes ended lower on Monday, although comments from Cleveland Federal Reserve President Loretta Mester, supporting a smaller rate hike in December helped pare those declines.

San Francisco Fed President Mary Daly also stressed on Monday the need to be careful to avoid a "painful downturn".

Investors will keep a watch on remarks by St. Louis President James Bullard and Kansas City President Esther George, while awaiting minutes from the Fed's November meeting on Wednesday for clarity on the monetary policy tightening path.

Among other stocks, Medtronic Plc slipped 4.7% after the medical device company lowered its full-year profit outlook, while Zoom Video Communications dropped 7% after cutting its annual revenue forecast.

Analysts expect thin trading volumes as markets will be shut on Thursday for Thanksgiving holiday and will remain open for half day on Friday. (Reporting by Ankika Biswas and Shreyashi Sanyal in Bengaluru; Additional reporting by Medha Singh and Shubham Batra; Editing by Arun Koyyur)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ADVANCED MICRO DEVICES, INC. 0.33% 75.16 Delayed Quote.15.66%
APPLE INC. 1.48% 143.96 Delayed Quote.10.80%
PINDUODUO INC. 8.47% 104.66 Delayed Quote.18.32%
TESLA, INC. 10.97% 160.27 Delayed Quote.30.11%
WALGREENS BOOTS ALLIANCE, INC. 0.61% 36.5 Delayed Quote.-2.30%
ZOOM VIDEO COMMUNICATIONS, INC. 3.90% 71.58 Delayed Quote.1.70%
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