Futures contracts rise in trading before Christmas; Alibaba comes across a Chinese probe

© Reuters. FILE PHOTO: The Charging Bull or Wall Street Bull is pictured in the Manhattan neighborhood of New York City

By Devik Jain and Ambar Warrick

(Reuters) – U.S. stock index futures rose on Thursday ahead of a shortened trading session on hopes of a gradual economic rebound, while Ali Baba (NYSE 🙂 collapsed after China launched an antitrust investigation into the e-commerce giant.

The and the Dow ended higher on Wednesday as investors turned to cyclical stocks that stand to benefit the most from a rally, encouraged by the rollout of the COVID-19 vaccine and passage of the relief bill. of the coronavirus.

The so-called spin weighed on the tech-dominated Nasdaq, which ended lower.

Investors also applauded reports that Britain and the European Union were on the verge of reaching a close trade deal on Brexit.

At the same time, President Donald Trump vetoed a bipartisan defense policy bill on Wednesday and raised the possibility that the United States could face a government shutdown during a pandemic.

Alibaba Group plunged 7.3% after China launched an antitrust investigation into the major trade as part of an accelerated crackdown on anti-competitive behavior.

As of 6:37 a.m. ET, were up 50 points, or 0.17%, were up 7.75 points, or 0.21%, and were up 17.75 points, or 0.14%.

Markets will close at 1:00 p.m. ET on Thursday and will be closed for the Christmas holidays on Friday.

Energy stocks, including Exxon Mobil Corp (NYSE 🙂 and Chevron Corp (NYSE :), edged up in pre-market trading, following the strength of the crude market as a drop in U.S. stocks and hints of an impending Brexit deal supported prices for the oil. [O/R]

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