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Wall Street Opens Lower on Omicron Fears; Dow Down 260 Points -Breaking

by Mike Robinson

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© Reuters

Geoffrey Smith 

Investing.com — U.S. stock exchanges opened lower on Tuesday. However, they were far from the overnight session lows. Uncertainty continued around uncertainty about the impact of Covid-19 for global economic and financial markets. 

The Financial Times interview published by the Financial Times saw futures sell off dramatically overnight. Moderna (NASDAQ) CEO Stephane Bancel warned that there would be a drop in effectiveness of vaccines against Omicron.  Regeneron (NASDAQ) continued by stating that preliminary data showed its antiviral pills were less effective against Omicron strain than other forms of the disease.

Oxford University, England’s leading university behind AstraZeneca, (NASDAQ:), said that there is no evidence to suggest vaccines are less effective. The case numbers have declined in South Africa since the strain’s first detection. 

At 34,874 point, the index was at a low of 262 points (or 0.8%) by 9:45 ET (1445 GMT). Both the were down 0.6% and 0.2%. 

Omicron’s rapid shift in U.S. expectations has caused a significant impact on the Dow and Nasdaq. Futures on short-term interest rates now anticipate the Federal Reserve’s first rate hike in September and not June like it was last Thursday.

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