U.S. stocks post big gains at opening bell in wake of Tuesday’s skid

U.S. stocks rose on Wednesday morning as companies that benefit from the economic reopening gained along with big energy and pharma.

The Dow Jones Industrial Average rose 303 points, while the Nasdaq Composite and S&P 500 each rose more than 1%.

Energy shares posted sharp gains, with Occidental Petroleum and Baker Hughes each rising more than 3% as West Texas Intermediate prices climbed about 4% to nearly $69 a barrel.

Retail and apparel stocks were strong in early trading, with Gap and Ralph Lauren adding more than 3% and PVH gaining nearly 4%. Cruise stocks Carnival and Norwegian also rose about 3%.

ADP's private payroll data for November showed 534,000 jobs added in November, above expectations of 506,000

On Wednesday, investors will be evaluating updates on the omicron variant, as well as some key economic reports. November's Manufacturing PMI, ISM Manufacturing print and October's construction spending are set to release on Wednesday morning.