Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Dow Futures Down 1%; Worries Over Omicron Variant Rise

Stock MarketsNov 30, 2021 06:56AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters

By Peter Nurse

Investing.com -- U.S. stocks are seen opening sharply lower Tuesday, with investors rattled by fresh worries over the ability of current vaccines to cope with a surge of the new Omicron variant of the Covid-19 virus.

At 7 AM ET (1200 GMT), the Dow futures contract was down 420 points, or 1.2%, S&P 500 futures traded 50 points, or 1%, lower and Nasdaq 100 futures dropped 110 points, or 0.7%.

The major indices closed higher on Wall Street Monday after President Joe Biden reassured investors that lockdowns were off the table and there would be no new travel restrictions.

However, sentiment abruptly turned negative early Tuesday after Moderna (NASDAQ:MRNA) chief Stephane Bancel stated, in a Financial Times interview, that existing vaccines would struggle to cope with the omicron variant, predicting a ‘material drop’ in their effectiveness.

He also warned that it would take months before the drugmakers can manufacture the new variant-specific injections in sufficient quantities to be effective. 

Regeneron (NASDAQ:REGN) added Tuesday that analysis suggested its Covid-19 antibody cocktail could have reduced activity against the Omicron variant.

Federal Reserve Chair Jerome Powell had stated, in prepared testimony released Monday, that the Omicron variant poses risks to both sides of the central bank’s mandate to achieve stable prices and maximum employment.

Investors will be looking to see whether the Fed chief adds to these comments when he appears before the Senate Banking Committee later Tuesday. 

Turning to the corporate sector, Twitter (NYSE:TWTR) will be in focus the day after founder and CEO Jack Dorsey confirmed he is to step down from his role at the social media giant, to be replaced by former chief technology officer Parag Agrawal.

Staying with social media, Facebook (NASDAQ:FB) will also be in the spotlight after Britain's competition regulator directed Meta Platforms, Facebook’s owner, to sell animated images platform Giphy for competitive reasons.

Crude prices retreated as the Omicron concerns returned, with traders fretting about fresh lockdowns and the associated hit to global demand. 

That said, expectations are growing that the Organization of Petroleum Exporting Countries and its allies, a group known as OPEC+, will put on hold the plans to add 400,000 barrels a day in January when it meets later in the week.

The American Petroleum Institute is also due to release its latest estimate of U.S. crude inventories later in the session. 

By 7 AM ET, U.S. crude futures traded 2.6% lower at $68.10 a barrel, having climbed 2.6% on Monday, while the Brent contract fell 2.7% to $71.22, after rising 1% during the previous session.

Additionally, gold futures rose 0.6% to $1,795.15/oz, while EUR/USD traded 0.5% higher at 1.1347.

 

Dow Futures Down 1%; Worries Over Omicron Variant Rise
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (15)
Ron Love
Ron Love Dec 01, 2021 5:23AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Wow, aren’t we getting a little too panicky over a variant that south african doctors said the symptoms for are “mild” compared to previous variants? 🤦‍♂️
William Smith
William Smith Nov 30, 2021 8:23AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The current vaccines dont work against Covid anyway. Four vaccinated friends sick with Covid since October 15th, two went on oxygen and one died. All healthy in their 60's.
Ken Chao
Ken Chao Nov 30, 2021 8:23AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
which vaccine?
Matthew Price
Matthew Price Nov 30, 2021 8:22AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
more propaganda
Jack Zydron
Jack Zydron Nov 30, 2021 8:20AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
🤣🤣🤣🤣🤣
Alex Peck
Alex Peck Nov 30, 2021 8:14AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Are we surprised the drug manufacturing company says we’ll need an additional booster? 🤑
Mitchel Pioneer
Mitchel Pioneer Nov 30, 2021 8:00AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
NASDAQ holds yesterday's criminally manufactured "gains," as the most grossly overvalued stock market index in history remains fraudulently inflated.  Let's get average holdings in retirement plans to even higher, catastrophic levels.  Assume the proper position America.
Sean Livingstone
Sean Livingstone Nov 30, 2021 7:57AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
One day concerned... one day not concerned... LOL... shepherd leading the blind sheep.
Carlos Sacasa
Carlos Sacasa Nov 30, 2021 7:54AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Wow... What a bunch of scared sheep.
Franco Dominguez
Franco Dominguez Nov 30, 2021 7:50AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Dr southafrica said omicron is very mild symptoms like a flu and now USA said that is so deadly than a car crash in lambo, come on
Mike McCabe
Mike McCabe Nov 30, 2021 7:45AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Purely to manipulate markets for DS profits. They have it all. https://rumble.com/vb61zh-we-have-it-all.html
Costinho Mokoena
Costinho Mokoena Nov 30, 2021 7:24AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I am very worried
Sam Iam
Sam Iam Nov 30, 2021 7:24AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Don't worry.
Costinho Mokoena
Costinho Mokoena Nov 30, 2021 7:23AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Virus detected in south africa with american treatment , whos responsible for a pandemic ?.,, since it is a global pandemic why is it all vaccine back by Bill gates only seems to be the riteful ones ??
Joe Zhang
Joe Zhang Nov 30, 2021 7:23AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
and just like that China never held accountable for this sht
Khurshid Paray
Khurshid Paray Nov 30, 2021 7:22AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
confused 🤔🤔🤔
Richard Saunders
Richard Saunders Nov 30, 2021 7:20AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Worries? WHY??
bharat kabra
bharat kabra Nov 30, 2021 7:20AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
no worries all is well
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email