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Dow drops 800 points as new Covid variant sparks market sell-off

Tiger Newspress2021-11-26

U.S. stock dropped on Friday on renewed Covid fears over a new variant found in South Africa.

The Dow Jones Industrial Average dropped 800 points, or more than 2%, while the S&P 500 and Nasdaq Composite slid 1.4% and 0.9%, respectively. Friday is a shortened trading day because of the Thanksgiving holiday with U.S. markets closing at 1 p.m. ET.

Anew coronavirus variant has been discovered in South Africa, leading to an emergency session of the World Health Organization. Scientists say the new B.1.1.529 strain a concern, because it harbors a large number of mutations found in other variants — including the fast-spreading Delta variant that exploded over much of the summer — and it seems to be rapidly spreading.

While there's no evidence yet, health officials are worried that the mutating variant could dilute or resist the efficacy of vaccines.

"It goes without saying that it’s still too early to say exactly how big a threat the new B.1.1.529 strain poses to the global economy," Neil Shearing, Group Chief Economist at Capital Economics, said in a note.

Still, "the lesson from the past couple of years is that it’s the restrictions that are imposed in response to the virus – rather than the virus itself – that causes the bulk of the economic damage. So, the key question is how governments will respond in the event that the B.1.1.529 strain spreads," Shearling wrote.

"That in turn will hinge on the extent to which it escapes the vaccines and, importantly, causes strains in national healthcare systems," he added — underscoring that governments in the U.S. and U.K. had taken a "learn to live with the virus" approach, and thus are far less likely than other regions to impose new restrictions.

Meanwhile, BioNTech (BNTX) said on Friday it expects more data on the new coronavirus variant in South Africa within two weeks to help its shots should be reworked.

Oil prices also swooned, with U.S. crude futures down 6.2% to $73.57 per barrel on perceived fears of falling demand amid the new variant. Bond yields have also fallen as the market's inflation fears temporarily gave way to the desire for safe-haven assets. The yield on the benchmark 10-year U.S. Treasury note was down to 1.53% after closing at 1.63% on Wednesday.

There is no major economic releases scheduled for Friday. The stock market will close at 1 p.m. ET on Friday due to the holiday weekend.

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评论35

  • WifeWhyWhy
    ·2021-11-28
    Omg
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  • 来人
    ·2021-11-27
    Buy COVID related stocks 😁
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  • Tamashii
    ·2021-11-27
    Moderna!
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  • PearlynCSY
    ·2021-11-27
    WHO labels new Covid strain, named omicron, a ‘variant of concern,’ citing possible increased reinfection risk. “Omicron, B.1.1.529, is named as a variant of concern because it has some concerning properties,” Maria Van Kerkhove, the WHO’s technical lead on Covid-19, said in a video published on Twitter. “This variant has a large number of mutations, and some of these mutations have some worrying characteristics.”
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  • Gladys8jk
    ·2021-11-27
    👍
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  • Newbie_21
    ·2021-11-27
    Buy the dip for those good fundamental stocks
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    • AS78
      Thanks
      2021-11-28
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  • koolgal
    ·2021-11-27
    The market sell off on Friday was rather intense even though it was a short trading day.  The volatility most likely will continue until next week until such time that the authorities know how to tackle the new variant.  In the meantime HODL if you have conviction on the stocks you have. It is also a great time to buy quality stocks that are on sale! 🤔
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    • koolgal
      Yes it is a great time to bargain hunt
      2021-11-27
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    • koolgal
      I hope so too.
      2021-11-27
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    • koolgal
      Yes good idea
      2021-11-27
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  • Jialatsia
    ·2021-11-27
    Meep
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  • Samuel123win
    ·2021-11-27
    Wow
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  • Howrich
    ·2021-11-27
    Just because of new viruses it cause the market to down and this is the opportunity to buy when it is weak
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  • jgaldon
    ·2021-11-27
    Cannot just leave people live their lifes?
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  • Cvt
    ·2021-11-27
    [Grin] and a sad news to investors
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    • MengKeng
      not really, health care shares have risen because of new Covid variant.  it does meant that we need to diversify
      2021-11-27
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  • wywy
    ·2021-11-27
    Anyone got a good deal?
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    • Garylim
      buy the dip
      2021-11-27
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    • 77663629
      Still can down more
      2021-11-27
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    • MoonK
      Ok
      2021-11-27
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  • Bull_Lion
    ·2021-11-27
    Looking forward to Monday 
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    • Bull_Lion
      And the rest of next week
      2021-11-27
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  • robot1234
    ·2021-11-27
    Good news for those who have patiently build up their cash reserve in the last 6 months. Time to buy blue chips at a hugh discount
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  • 9a298a6
    ·2021-11-27
    sad
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    • Cvt
      Sad
      2021-11-27
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  • ckLai
    ·2021-11-27
    Hi
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    • ckLai
      Dobe
      2021-11-27
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  • Helloyah
    ·2021-11-27
    hope monday all go up again
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    • 9a298a6
      yes
      2021-11-27
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  • Phillipsan
    ·2021-11-27
    Black Friday sales
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