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3 Things to Watch -Breaking


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Sam Boughedda

Tech stocks roared back Monday after last week’s rout that sent the to its worse day of the year.

To take advantage the sharp drop in tech stock prices, investors bought the dip. However, there were also some good news. Jack Dorsey was the CEO and founder of Twitter. He announced his intention to retire from the social media firm. 

Initial Twitter stock surged 10%, but it began to fall as the day progressed.

After the weekend’s headlines, the investors seem to have taken the Omicron Omicron virus variant of coronavirus well. Multiple countries around the world, including Japan and Israel closed their borders to foreigners or instituted partial travel bans to contain the variant’s spread.

The variant’s existence is what sent the major index into a freefall on Friday, which was a shortened trading session in the U.S. On Friday, airline stocks were the focus due to concerns that new travel restrictions might affect their recovery. But, this weekend was the busiest since the outbreak.

Joe Biden, President of the United States said Monday that it would present its plans to fight the latest strain. He advised Americans to have their vaccines and reminded others to do the same. 

Three things could impact the markets in tomorrow’s future:

1. Omicron fears

Omicron coronavirus variants were considered very serious by the WHO on Monday. Several countries have joined the WHO’s list of countries that have confirmed cases. Oil recovered after Friday’s big sell-off as hopes grew that the variant might prove to be milder than initially feared.

Although the World Health Organization warned its 194 members that an increase in infections could cause severe consequences, it said there had not been any deaths.

2. Vaccine stocks

Moderna Omicron caused vaccine companies to investigate whether it was necessary to develop a new booster. Inc rallied Monday. CNBC spoke with Stephane Bancel from Moderna, the CEO. He said that while it could take several months to create a new booster shot specifically for this variant of Omicron, a stronger dose of their current shot might be available much faster. The variant will likely be present in all countries, however, Bancel also admitted that it was. Paul Burton, Moderna’s Chief Medical Officer, stated that he believes the variant could evade current vaccines. However, they will learn more over the coming weeks. 

3. Twitter makes changes

Twitter Inc The social media giant confirmed Monday that Jack Dorsey, CEO of Twitter (NYSE:), will be stepping down. Investors will continue to speculate about what Dorsey’s departure could mean for Twitter. Twitter has been criticized for its content in the past year. Parag Agrawal, the new chief technology officer, is an ex-chief technology officer. Dorsey posted a message to Twitter stating that he had decided to quit Twitter “because I believe the company has moved on from its founders.” 

This report was contributed by Reuters

 

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.