Stock futures move higher after Friday's big sell-off, investors monitor omicron Covid variant

Stock futures move higher after Friday’s big sell-off, investors monitor omicron Covid variant

Stock futures moved higher in in a single day buying and selling Sunday following Friday’s big sell-off as investors monitor the newest developments associated to the Covid omicron variant.

Futures on the Dow Jones Industrial Common gained about 125 factors, or 0.4%. S&P 500 futures added 0.4% and Nasdaq 100 futures rose 0.4%.

Shares are coming off a holiday-shortened session Friday through which the Dow posted its worst day since October 2020. The Dow was down 905 factors, or 2.5%. The S&P 500 tumbled 2.3% and the Nasdaq Composite slipped 2.2%. The three main indexes have been destructive for the week.

“The pandemic and COVID variants remain one of the biggest risks to markets, and are likely to continue to inject volatility over the next year(s). It’s hard to say at this point how lasting or impactful this latest variant will be for markets,” Keith Lerner, co-chief funding officer at Truist Advisory Companies, mentioned in a be aware Friday.

The World Well being Group on Friday labeled the omicron pressure a “variant of concern.” Whereas scientists proceed to analysis the variant, omicron’s massive variety of mutations has raised alarm. Preliminary proof suggests the pressure has an elevated threat of reinfection, in accordance with the WHO.

The variant was first reported to the WHO from South Africa and has been discovered within the U.Ok., Israel, Belgium, the Netherlands, Germany, Italy, Australia and Hong Kong, however not but within the U.S. Many international locations, together with the U.S., moved to limit journey from southern Africa.

Vaccine makers have introduced measures to analyze omicron with testing already underway. Whereas it stays to be seen how omicron responds to present vaccines or whether or not new formulations are required, Moderna’s Chief Medical Officer Paul Burton mentioned Sunday the vaccine maker might roll out a reformulated vaccine in opposition to the omicron variant early subsequent yr.

On prime of Covid developments, investors are additionally anticipating key financial knowledge launched this week. The November jobs report on Friday is anticipated to point out stable jobs development. Economists surveyed by Dow Jones anticipate 581,000 jobs added in November. The Institute of Provide Administration manufacturing survey is launched Wednesday, and economists additionally anticipate robust outcomes.

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