Stocks try to rebound (again)
The S&P 500 is up 1.6% in a rebound effort led by the value/cyclical stocks, but it remains to be seen if the rally effort is for real or another head fake. The Dow Jones Industrial Average is up 1.9%, the Nasdaq Composite is up 1.0%, and the Russell 2000 is up 2.3%.  Apple (AAPL 163.55, -1.2, -0.8%) is largely responsible for the relative underperformance of the Nasdaq after Bloomberg reported that Apple is telling suppliers that it's seeing less demand for the iPhone 13. AAPL shares are currently down 0.8%, but they were down as much as 4.2% shortly after the open. As for the broader market, there seems to be a growing tolerance for the view that the Omicron variant might not be as bad as feared, even though it's still early days. Earlier today, the second reported case of the Omicron variant in the U.S. was shown to have mild symptoms in a vaccinated person (like in the first case). All 11 S&P 500 sectors are trading higher, with the cyclical financials (+3.1%), industrials (+2.8%), energy (+2.5%), and materials (+2.0%) sectors up between 2-3%. The health care sector (+0.5%) is the only sector up less than 1.0%. Boeing (BA 198.71, +10.52, +5.6%) is a notable standout, feeding off a report from Reuters that China will soon allow the 737 Max to return to flight. Snowflake (SNOW 356.74, +45.70, +14.7%) and Kroger (KR 44.88, +4.68, +11.6%) are up noticeably following their earnings reports. WTI crude futures ($66.76, +1.19, +1.8%) are also getting in on the rebound-minded action after initially falling on news that OPEC+ agreed to move forward with planned production increases for January. Some were thinking that OPEC+ would have altered its plan after the U.S. led a coordinated plan for nations to tap into their oil reserves. Separately, traders will likely be keeping an eye on the S&P 500's 50-day moving average (4543) after the benchmark index closed below the key technical level yesterday. Right now, the S&P 500 is trading above it by about 40 points. Reviewing today's economic data:For the week ending November 27, initial jobless claims increased by 28,000 to 222,000 (Briefing.com consensus 255,000). Continuing claims for the week ending November 20 decreased by 107,000 to 1.956 million.The key takeaway from the report is that initial jobless claims are firming up at lower levels seen before the start of the pandemic.