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Dow Futures Down 855 Pts as New Covid Strain Overshadows Black Friday

Stock MarketsNov 26, 2021 06:52AM ET
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© Reuters.

By Peter Nurse   

Investing.com - U.S. stocks are seen opening aggressively lower Friday, in holiday-thinned volumes, as the discovery of a new potentially vaccine-resistant Covid variant raised fears of fresh harm to the global economy.

At 7 AM ET (1200 GMT), the Dow Futures contract was down 855 points, or 2.4%, S&P 500 Futures traded 90 points, or 1.9%, lower and Nasdaq 100 Futures slumped further, dropping 210 points, or 1.3%.

The selloff followed the news that the World Health Organisation was studying a new variant of the Covid-19 virus, which has been detected mainly in southern Africa. 

The United Nations agency has called an emergency meeting for Friday to discuss what this means for existing treatments, given that the new variant has a spike protein that has mutated to be very different from the one in the original coronavirus that the vaccines are based on.

The U.K. quickly responded to the news by temporarily suspending flights from six countries in southern Africa and quarantining travelers from those regions. This resulted in heavy losses for the airline and travel industry in European hours, and this negative sentiment is set to carry through to Wall Street.

American Airlines (NASDAQ:AAL) stock fell over 6% premarket, with Delta (NYSE:DAL) and United (NASDAQ:UAL) following suit, while Carnival (NYSE:CUK) stock dropped over 9%, as did Royal Caribbean (NYSE:RCL) stock.

The banking sector also weakened, as Bank of America (NYSE:BAC), Citigroup (NYSE:C), JPMorgan Chase (NYSE:JPM), Goldman Sachs (NYSE:GS), Wells Fargo (NYSE:WFC) and Morgan Stanley (NYSE:MS) all fell more than 3% on the reduced likelihood of early interest rate hikes if the Federal Reserve is spooked by the new variant.   

Crude prices also slumped as the announcement of the new Covid-19 strain raised concerns about demand just as a U.S.-led coalition of major consumers is adding output to the global supply.

By 7 AM ET, U.S. crude futures traded 6.6% lower at $73.20 a barrel, while the Brent contract fell 5.9% to $77.39.

Exxon Mobil (NYSE:XOM) stock fell 5.6% in response and Chevron (NYSE:CVX) stock dropped 4.7%.

On the flip side, the likes of Zoom Video (NASDAQ:ZM) and Peloton (NASDAQ:PTON), two of the biggest winners of the pandemic, were trading higher in Friday’s premarket as the emergence of the new Covid variant raised fears that countries could bring back restrictions on movement of people.

Elsewhere, Didi (NYSE:DIDI) stock will be in the spotlight after authorities in China asked the ride-hailing firm to delist from the NYSE because of security fears, while Tesla (NASDAQ:TSLA) CEO Elon Musk sold more shares of the electric car manufacturer.

Investors will also be looking at the retail sector, after a volatile week, with Friday marking the unofficial start of the holiday shopping season. 

A number of retailers saw their stocks plunge this week, including Gap (NYSE:GPS) and Nordstrom (NYSE:JWN), after warning of inventory shortages and supply chain constraints in their third quarter earnings reports.

Additionally, gold futures rose 1.6% to $1,812.55/oz, while EUR/USD traded 0.7% higher at 1.1282.

 

Dow Futures Down 855 Pts as New Covid Strain Overshadows Black Friday
 

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Comments (21)
Patron Silver
Patron Silver Nov 26, 2021 10:53AM ET
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where are the ape-man supporters calling it the African flu
Pwr Strk
Pwr Strk Nov 26, 2021 10:06AM ET
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happy Fauci friday
Ricky Singh
Ricky Singh Nov 26, 2021 8:58AM ET
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Such a scam to manipulate market , target specific businesses and spreading fear to control market and making some pharmas extra rich !! Total disaster and this Covid has become a business model and seems like whenever they want to manipulate , they will come up with new strain in new country every time
Devin Nathaniel
Devin Nathaniel Nov 26, 2021 8:58AM ET
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they made the virus. not suprise at all
Mkhululi Tlotleng
Mkhululi Tlotleng Nov 26, 2021 8:58AM ET
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we used to their game
ZS Beck
ZS Beck Nov 26, 2021 8:45AM ET
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Thank You, WHO, for Coming out with news when the market is closed. Giving no chance to react. Next week will tell us, don't worry the vaccine works. Why does anybody listen to an agency with no creditability?
Devin Nathaniel
Devin Nathaniel Nov 26, 2021 8:45AM ET
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yes. scam and manipulating,that how new world order play
John Avenetti
John Avenetti Nov 26, 2021 8:45AM ET
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the whole thing is a scam are you really that surprised?
ZS Beck
ZS Beck Nov 26, 2021 8:45AM ET
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What else can say, sorry the Vaccine won't work, Go ahead and die now. Goodbye.Clear manipulation and fear scam. Get your vaccine scam.
John Tierney
John Tierney Nov 26, 2021 8:37AM ET
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Vaccines work on it. No news.
Jack Zydron
Jack Zydron Nov 26, 2021 8:33AM ET
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they have already pills for Covid so ....
Tom Scurlo
Tom Scurlo Nov 26, 2021 8:31AM ET
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As usual… U.S. Gov will now be pushing booster booster booster…. But won’t say a thing about Ivermectin, HydroxyC, Zinc and Vitamins. That’s how India and others have fought it. Our Gov (US) dead silent!!!
Pratt Man
Pratt Man Nov 26, 2021 8:31AM ET
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you a horse? radio host used in and still died.
Ed Kutch
Ed Kutch Nov 26, 2021 8:31AM ET
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no... his doctors recommended the treatment... not the horse scrips... CNN had to admit they lied to him on his show..yes he is still alive!! try reading about the truth
John Avenetti
John Avenetti Nov 26, 2021 8:31AM ET
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Because it's a scam and you have people like Pratt Man who doesn't know ivermectin is 40 years old and won a noble prize 13 years ago for its success on viruses in humans. BECAUSE HE LISTENS TO THE MSM. MY WIFE and over a dozen friends got covid. took ivermectin and with 24 hours was better. hopefully Pratt gets a bad case of covid and refuses to take the drug that works because he listens to CNN. I'll have no empathy for him
Mike ND
Mike ND Nov 26, 2021 8:31AM ET
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Thanks China
Jack Zydron
Jack Zydron Nov 26, 2021 8:30AM ET
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all green ...🤣🤣🤣🤣
Devin Nathaniel
Devin Nathaniel Nov 26, 2021 8:26AM ET
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tomorrow news headline : stock rebound as fears fading.
kangroo kiloo
kangroo kiloo Nov 26, 2021 8:26AM ET
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nice reply , very nice thinking . that's how wall street works scam.
Tom Scurlo
Tom Scurlo Nov 26, 2021 8:25AM ET
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My thoughts exactly Ricky!!!! China, The U.S. Deep State and their bio-weapon knew what they are doing.
John Tierney
John Tierney Nov 26, 2021 8:25AM ET
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Fake
Ricky Singh
Ricky Singh Nov 26, 2021 8:07AM ET
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Nice business they have made out of spreaidng fear
Ricky Singh
Ricky Singh Nov 26, 2021 8:07AM ET
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Spreading *
Isidro Fernandez
Isidro Fernandez Nov 26, 2021 7:49AM ET
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and just like that another run for hills with your money.
Jimmy Smith
Jimmy Smith Nov 26, 2021 7:40AM ET
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The Nu variant is no match to what Biden is doing to wreck the economy.
Ryan Droege
Ryan Droege Nov 26, 2021 7:40AM ET
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yes, sir! yesterday, six people had their variants. already zoom up and oil down... 6 people.
Sanjay Motwani
Sanjay Motwani Nov 26, 2021 7:34AM ET
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Its very strange that they talk so much about the virus but very less about how the patients are doing. Very unusual!
John Avenetti
John Avenetti Nov 26, 2021 7:34AM ET
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why the thumbs down? are that many people nuts?
The Man
The Man Nov 26, 2021 7:34AM ET
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John Avenetti yes lots of nutty golks
Sanjay Motwani
Sanjay Motwani Nov 26, 2021 7:34AM ET
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John Avenetti Yeah! I wish one of those guys can give some information on the new variant patients.
Nguyen Thai
Nguyen Thai Nov 26, 2021 7:32AM ET
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Everything down, why cofffee still stay in high???
Lesko Brandon
Lesko Brandon Nov 26, 2021 7:31AM ET
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New vaccine-resistant COVID variant, brought to you by evolutionary pressure of mass vaccination including of low-risk individuals by vaccines that do not prevent you from spreading the virus. Here is some real COVID news: Aside from the most vaccinated places in the world having COVID outbreaks (including even within the US, places like CA and NY doing worse than places like FL and TX), a recent study in Europe has shown that over the past 6 months the per capita death rate of all causes among people under the age of 60 who are vaccinated is twice that of people under the age of 60 who are unvaccinated. Recent studies have also shown that vaccinated people are more likely to die from heart attacks than unvaccinated people. Children who are vaccinated are also put at substantially greater risk of cardiac adverse events than their risk from COVID.
Show previous replies (1)
Ryan Droege
Ryan Droege Nov 26, 2021 7:31AM ET
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without virtue signaling about masks/Vaccines, what else is there to live for? 🤣
John Avenetti
John Avenetti Nov 26, 2021 7:31AM ET
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thats exactly correct but they aren't even cognitively aware of what they're doing. More than a trillion people seem like they are under a spelll
Ron Cole
Ron Cole Nov 26, 2021 7:31AM ET
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Yes. but maybe it's a few billion...
Ron Cole
Ron Cole Nov 26, 2021 7:31AM ET
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Yes. but maybe it's a few billion...
John Avenetti
John Avenetti Nov 26, 2021 7:31AM ET
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Ron Cole a few billion or 40% of the world's population seems about right
Costinho Mokoena
Costinho Mokoena Nov 26, 2021 7:26AM ET
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Fake virus
John Avenetti
John Avenetti Nov 26, 2021 7:26AM ET
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and more thumbs down to facts
PlanetApe Ape
PlanetApe Ape Nov 26, 2021 7:24AM ET
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Knee jerk!
soho electronics
soho electronics Nov 26, 2021 7:21AM ET
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black Friday....everything on sale!!!! (except USD). reason???? big boys want to buy everything from the poor suckers whom have hit their stop losses ;)
 
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