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U.S. stock index futures fell sharply on Tuesday after a warning from vaccine maker Moderna's chief executive on the effectiveness of COVID-19 shots against the Omicron variant hammered travel, energy and banking shares.

Global equity markets tumbled after Stéphane Bancel also told the Financial Times that it was likely the current crop of vaccines would need to be modified.

Adding to the fears, Regeneron Pharmaceuticals Inc said prior analyses suggested its COVID-19 antibody drug could have reduced activity against the Omicron variant.

At 8:00 a.m. ET, Dow e-minis were down 395 points, or 1.13%, S&P 500 e-minis were down 43.5 points, or 0.94%, and Nasdaq 100 e-minis were down 85.25 points, or 0.52%.

Occidental Petroleum led losses among energy shares, down 3%, as oil prices slumped more than 3% on demand concerns.

Major Wall Street lenders sank about 2%, tracking a dip in Treasury yields as safe haven demand kept bond buying high. Bank of America Corp was the biggest loser among peers.

American Airlines Group fell the most among airline stocks, down between 1.7% and 3.5%. Cruise operators Carnival Corp and Norwegian Cruise Line dropped about 3% each.

Treasury Secretary Janet Yellen and Federal Reserve Chair Jerome Powell are due to testify before the U.S. Senate Banking Committee at 10 a.m. EST (1500 GMT) to discuss the economic recovery from the pandemic.

In his prepared testimony, Powell said he continues to expect inflation to recede over the next year, but warned that the new strain of COVID-19 muddies the outlook, and prices could continue to rise for longer than earlier thought.

Focus will also be on November readings on Chicago PMI and consumer confidence data due later in the day.

Stocks making the biggest moves premarket:

Regeneron Pharmaceuticals(REGN) — Regeneron shares fell 2.5% in the premarket after the company said its Covid-19 antibody cocktail and similar drugs could be less effective against the omicron Covid variant.The drugmaker said mutations in the variant suggest “there may be reduced neutralization activity of both vaccine-induced and monoclonal antibody conveyed immunity.”

Moderna(MRNA),Pfizer(PFE) — Shares of vaccine makers were on watch after Moderna CEO Stephane Bancel told the Financial Times he expects existing vaccines to be less effective against the omicron variant. Oxford University said there is no evidence yet that current vaccines will not protect against severe disease from omicron. Researchers are still studying the new variant and its ability to evade prior immunity. Moderna shares fell more than 2% in early morning trading. BioNTech shares fell more than 5%. Pfizer shares gained roughly 1%. Novavax shares added nearly 4%.

Dollar Tree(DLTR) — Shares of Dollar Tree fell 2.7% in premarket trading after Goldman downgraded the stock to neutral from a buy. The firm said the stock is too expensive at current levels as Dollar Tree’s comeback story is now priced in.

SolarEdge Technologies(SEDG) — Shares of SolarEdge pulled back 3.5% premarket after Morgan Stanley downgraded the stock to equal-weight from overweight. Morgan Stanley said the stock appears to be fully valued after a recent hot streak.

Meta Platforms(FB) — Shares of Facebook-parent Meta were slightly lower in the premarket after a U.K. regulator told the company it must sell GIF-sharing platform Giphy.The Competition and Markets Authority said Meta’s acquisition of Giphy would reduce competition between social media platforms.

Beyond Meat(BYND),Oatly(OTLY) — Shares of meat alternative producer Beyond Meat and plant-based dairy company Oatly each retreated more than 1% in early morning trading after HSBC initiated coverage of the stocks at a “reduce” rating. In a report on the alternative proteins market, HSBC said, “Given the prospect of heightened competition, the growth we forecast will be insufficient for many participants to achieve their lofty growth ambitions.”

Twitter(TWTR),Square(SQ) — Shares of Twitter and Square moved higher in the premarket the day after Jack Dorsey announced he is stepping down as CEO of Twitter. Dorsey was serving as chief executive at both the social media platform and digital payments company Square.Bank of America upgraded Square to neutral from underperform and reiterate a buy rating for Twitter.