Global stock markets are in retreat after a new strain of COVID-19 is detected in South Africa.
Thevariantcarries an unusually large number of mutations associated with increased antibody resistance and is "clearly very different" from previous incarnations. South African scientists have already detected 30 mutations to the spike protein, which play a big role in how the virus enters the body. The biggest concern is whether the virus could lead to more serious illness or decrease the effectiveness of vaccines and treatments.
While travel and leisure stocks are selling off in early trading, some pandemic favorites are bucking the trend.
Peloton Interactive is up 3.1%. Wayfair is showing a 3.15% gain. Chewy is 2% higher.
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