U.S. Stock Futures Are Higher After Omicron Uncertainty and More Aggressive Fed Tapering Drove Equities Lower Yesterday #Omicron #ADP #StockFutures

U.S. stock futures are higher. Chairman Powell stated that it is time to retire the word “transitory” when describing inflation at the Senate Banking Committee meeting yesterday. The uncertainty regarding the omicron variant and a possibly more aggressive Fed tapering and earlier rate increases drove equities lower yesterday. Primary equity futures are higher this morning. Volatility is expected to continue due to the uncertain impact of this new strain on final demand/economic growth and its eventual influence on inflation. Chairman Powell is set to answer questions at the House today. ADP reported that private payrolls increased 534k in Nov compared to an estimate of 506K. Investors are awaiting the employment report on Friday. Currently, longer term bond yields are ticking up a couple basis points. OPEC+ meets today and tomorrow to determine global crude oil production levels, with production at +400k barrels per day. European markets are trading higher, in line with U.S futures and Asian markets closed up.