Stocks open lower as investors assess omicron concerns

Tiger Newspress2021-11-30

Stocks tumbled on Tuesday, reversing Monday's rebound on Wall Street, as investors reassessed risks associated with the new omicron Covid variant.

The Dow Jones Industrial Average dropped about 290 points, or 0.8%. The S&P 500 shed 0.64%. The technology-heavy Nasdaq Composite shed about 0.4%. The small-cap benchmark Russell 2000 dropped 0.7%.

Tuesday's reversal came after Moderna CEO Stephane Bancel told the Financial Times that he expects existing vaccines to be less effective against the new variant. The CEO told the paper there could be a "material drop" in the current vaccines' effectiveness against this variant. Bancel told CNBC on Monday that it could take months to develop and ship an omicron-specific vaccine. Moderna was down nearly 4%.

Separately,Regeneron said its antibody treatment may have reduced effectiveness against omicron. Regeneron shares lost about 1%.

Travel shares, which led Friday's drop and then gained on Monday, were taking hits once again Tuesday.Expedia Group fell 2%,Norwegian Cruise Line Holdings and American Airlines  shares tumbled about 2%.

Bucking the broader market's trend, stay-at-home stock Netflix rose 1.4% and Tesla gained 1.5%.

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精彩评论

  • LimLS
    2021-12-01
    LimLS
    Market conveniently ignore the news on Pfizer CEO comment on its vaccine on omicron and some other researchers on the relative mildness of this variant. As usual, market manipulation at work. When they want the market to go down, just focus on negative news. When they want it to go up, they will start to talk about the positive news.
  • PearlynCSY
    2021-12-01
    PearlynCSY
    Yesterday, Moderna CEO says vaccines likely no match for Omicron variant. And that it could take months to develop and ship an omicron specific vaccine, but a higher dose of its booster could be ready much sooner.
    • PearlynCSY: 
      Tks for sharing
    • LimLS: 
      Pfizer CEO said they will need 100 days to come out with effective vaccine against omicron. Also commented their vaccine is still somewhat effective against this variant. Let's wait and see
  • koolgal
    2021-12-01
    koolgal
    Tighten your seat belts as it is going to get real choppy in the markets!  But it is also bargain hunting time too!  It is time to be contrarian and be bold to reap the bountiful harvest in future. 🎉🎊🎉
  • StarGalaxy
    2021-12-01
    StarGalaxy
    Ok 
  • CWH98
    2021-12-01
    CWH98
    Like pls tq
  • YKPL
    2021-12-01
    YKPL
    Believe Amanda, after May 2022,the recovery will sustain. 
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