Markets Look To Rebound After Worst Black Friday Since 1931

U.S. stock futures rebounded from the Black Friday drop, as investors reassessed the view on the Omicron COVID outbreak.

The emergence of the new, potentially vaccine-resistant Omicron variant shook investors Friday. The WHO said that the variant is cause for concern, as states around the world are closing borders.

This prompted investors to dump stocks and flee into safe assets, causing the biggest Black Friday selloff since 1931, when the U.S. was coping with the Great Depression.

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However, later reports tempered the panic. Symptoms of the new variant may be milder than anticipated, providing relief to investors. Goldman Sachs even sent a note to clients over the weekend advising them not to change their portfolio holdings. Ahead of Goldman, Trish Regan, the founder and editor of Trish Intel, told investors on her Friday podcast that investors should not overreact.

Level Chg. Chg. %
DOW Futures 35,041.00 188 0.54%
S&P 500 Futures 4,628.75 32.75 0.71%
Nasdaq Futures 16,191.00 140 0.87%

U.S. Dollar and Treasuries

The yield on the 10-year Treasury rose eight basis points. The dollar strengthened against a basket of major currencies.

Price Chg. Chg. %
U.S. Dollar Index (DXY): 96.21 +0.12 +0.13%

 

Yield Change Previous close
U.S. 1 Year Treasury Bill 0.188% 0.008 0.180%
U.S. 5 Year Treasury Note 1.239% 0.074 1.165%
U.S. 10 Year Treasury Note 1.555% 0.076 1.479%

 

Stocks To Watch

Shares of Moderna shoot up after the company announced that it could develop a new vaccine by early 2022.

Pfizer stated that they are testing whether they need to make adjustments to their vaccine to target the Omicron variant. They expect results in two weeks.

Airline companies and cruise liners rebounded on better than expected vaccine news. Delta Airlines and American Airlines were up 1.5% in futures trading. Carnival Corp traded up 2.9%, after a double-digit dip on Friday.

Symbol Company Name Price Chg. % Volume
MRNA Moderna Inc. $364.00 10.43% 699.03K
CCL Carnival Corp. $18.47 2.90% 540.85K
PFE Pfizer Inc. $54.39 0.72% 388K
AAL American Airlines Group Inc. $18.03 1.58% 355.7K
DAL Delta Air Lines Inc. $36.89 1.40% 130.77K

 

Commodities To Watch

Oil rebounded back towards $76 as COVID fears eased. Gold held steady. 

Resource Price Chg. %
WTI Crude Oil $71.68 5.18%
Brent Crude Oil $76.13 4.69%
Natural Gas $5.06 -7.56%
Gold $1,792.00 0.36%
Silver $23.26 0.64%
Copper $4.36 1.70%

Crypto

Crypto started the week strong after Friday’s selloff. The rebound went against the bear market hypothesis many traders were betting on. Crypto markets rose 4.06% over the last 24 hours.

Currency Symbol Price Chg. % Market Cap.
Bitcoin BTC $56,873.26 +4.37% 1.07t
Etherium ETH $4,290.23 +5.12% 506.92b
Binance coin BNB $613.87 +3.03% 92.29b
Solana SOL $203.48 +6.93% 61.87b
Cardano ADA $ 1.56 +3.73% 48.74b

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