U.S. stock futures rebounded from the Black Friday drop, as investors reassessed the view on the Omicron COVID outbreak.
The emergence of the new, potentially vaccine-resistant Omicron variant shook investors Friday. The WHO said that the variant is cause for concern, as states around the world are closing borders.
This prompted investors to dump stocks and flee into safe assets, causing the biggest Black Friday selloff since 1931, when the U.S. was coping with the Great Depression.
However, later reports tempered the panic. Symptoms of the new variant may be milder than anticipated, providing relief to investors. Goldman Sachs even sent a note to clients over the weekend advising them not to change their portfolio holdings. Ahead of Goldman, Trish Regan, the founder and editor of Trish Intel, told investors on her Friday podcast that investors should not overreact.
|S&P 500 Futures||4,628.75||32.75||0.71%|
U.S. Dollar and Treasuries
The yield on the 10-year Treasury rose eight basis points. The dollar strengthened against a basket of major currencies.
|U.S. Dollar Index (DXY):||96.21||+0.12||+0.13%|
|U.S. 1 Year Treasury Bill||0.188%||0.008||0.180%|
|U.S. 5 Year Treasury Note||1.239%||0.074||1.165%|
|U.S. 10 Year Treasury Note||1.555%||0.076||1.479%|
Stocks To Watch
Shares of Moderna shoot up after the company announced that it could develop a new vaccine by early 2022.
Pfizer stated that they are testing whether they need to make adjustments to their vaccine to target the Omicron variant. They expect results in two weeks.
Airline companies and cruise liners rebounded on better than expected vaccine news. Delta Airlines and American Airlines were up 1.5% in futures trading. Carnival Corp traded up 2.9%, after a double-digit dip on Friday.
|Symbol||Company Name||Price||Chg. %||Volume|
|AAL||American Airlines Group Inc.||$18.03||1.58%||355.7K|
|DAL||Delta Air Lines Inc.||$36.89||1.40%||130.77K|
Commodities To Watch
Oil rebounded back towards $76 as COVID fears eased. Gold held steady.
|WTI Crude Oil||$71.68||5.18%|
|Brent Crude Oil||$76.13||4.69%|
Crypto started the week strong after Friday’s selloff. The rebound went against the bear market hypothesis many traders were betting on. Crypto markets rose 4.06% over the last 24 hours.
|Currency||Symbol||Price||Chg. %||Market Cap.|