Stock futures move higher after Friday’s big sell-off, investors monitor omicron Covid variant
On Thursday, November 18, 2021, a trader was seen on the New York Stock Exchange’s floor.
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Overnight trading was better on Sunday for stock futures following Friday’s major sell-off. Investors are keeping an eye out for developments in the Covid micron variant.
The Dow Jones Industrial Average Futures Index gained 0.4%, or about 125 points. S&P 500 futures added 0.4% and Nasdaq 100 futures rose 0.4%.
The Dow will be closing Friday’s holiday-shortened session. Stocks have risen following the closure of that session. posted its worst day since October 2020. Dow fell 905 points or 2.5%. The S&P 500 tumbled 2.3% and the Nasdaq Composite slipped 2.2%. For the week, all three major indexes showed negative performance.
The pandemic, COVID and other variants of it remain the greatest risks for markets and will likely continue to cause volatility in the coming year. “It’s difficult to predict at this stage how long-lasting or impactful the latest variant will have on markets,” Keith Lerner (co-chief investment officer, Truist Advisory Services) said in a Friday note.
Friday’s labeling by the World Health Organization of the Omicron Strain as a “Bad” was done on Friday.variant of concern.” Scientists continue to study the variant. However, the large number of mutations in omicron has raised alarm. According to WHO, preliminary evidence indicates that the strain is more susceptible to reinfection.
It was originally reported from South Africa to the WHO. been found in the U.K., Israel, Belgium, the Netherlands, Germany, Italy, Australia and Hong Kong, but not yetIn the U.S. Numerous countries including the U.S. moved to restrict travel From southern Africa
The vaccine makers announced that they would investigate the possibility of omicron. testing already underway. Although it is not clear how omicron will react to the current vaccines, or if new formulations are needed, Moderna’Paul Burton, the Chief Medical Officer at the VA stated Sunday that they are working with the vaccine maker. could roll out a reformulated vaccine against the omicron variant early next year.
In addition to Covid developments investors also look forward to important economic data being released this week. Expect solid job growth in Friday’s November jobs report. Dow Jones polled economists and predicted that 581,000 new jobs would be created in November. A manufacturing survey by the Institute of Supply Management is due Wednesday. Economists are also expecting strong results.