Dow Off Nearly 700 Points On Omicron Fears

U.S. stocks plunged on Monday as investors contemplated the surge in global Omicron infections and the increase in inflation. The Dow traded off 661 points of 1.85% by late morning as the S&P lost 1.82% and the Nasdaq lost 1.83%.

There was seemingly no where to hide as gold, also, moved lower trading down 0.50% to $1785.60 an ounce. The U.S. dollar also fell and it seemed investors were most keen on moving back into treasuries. The yield on the Ten year U.S. treasury note fell to 1.37%.

France and Germany already imposed travel restrictions, as the pandemic spreads throughout Europe, and some worry the U.S. may lock down some parts of the country as well.

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Markets also felt the effects of Senator Joe Manchin rejecting Biden’s infrastructure bill. While Manchin worried the bill would lead to staggering debt increases, investors hoped it would also boost GDP in the short run. With that in mind, Goldman Sachs reduced its GDP forecast for the U.S. after the news.

Stocks To Watch

Not even shares of Moderna rose amid the worsening outlooks. Thought the company said that the third dose of its vaccine helps prevent Omicron infections it lost 1.4% to trade at $290.68.

Shares of Novavax lost 1% despite the company saying  that the WHO granted emergency listing for its vaccine.

Travel Stocks…Recover!

Bucking the trend, travel companies which investors may assume have been so beaten down they’re now worth buying. Shares of Carnival Corp (CCL) gained 2.53% and American Airlines (AAL) jumped 2%. Delta Airlines (DAL) also gained 0.60%.

Occidental Petroleum (OXY), on the other hand, was off nearly 5% and hydrogen company Plug Power (PLUG) dropped 8%.

Commodities To Watch

Oil collapsed on pandemic news. Gold dipped below $1,800. 

Resource Price Chg. %
WTI Crude Oil $67.90 -3.99%
Brent Crude Oil $70.96 -3.48%
Natural Gas $3.79 0.61%
Gold $1,798.40 -0.36%
Silver $22.29 -1.08%
Copper $4.26 -0.72%

 

Crypto

Crypto markets fell in a global risk sell-off. The crypto market cap is $2.14T, a 2.97% decrease over the last day. Bitcoin’s dominance is currently 40.61%, an increase of 0.23% over the same period.

Currency Symbol Price Chg. % Market Cap.
Bitcoin BTC $45,912.09 -2.63% 868.01b
Etherium ETH $3,791.11 -3.42% 449.02b
Binance coin BNB $512.64 -3.92% 77.07b
Solana SOL $171.09 -7.27% 52.72b
Cardano ADA $ 1.214 -5.31% 37.77b

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