Stocks Plunge On Worst Trading Day of 2021

The news of a new COVID variant sent U.S. stocks plummeting FRiday.

Doctors have discovered the new variant, B.1.1.529, or ‘Omnicrom’ thought to have originated in South Africa and is spreading rapidly.

Health authorities have said that existing vaccines could be ineffective against the new variant, which is mutating fast.

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The market panicked in reaction with the Dow Jones Industrial Average losing 905 points, or 2.53%, as the S&P 500 dropped 2.27% and the Nasdaq Composite index lost 353 points, or 2.23%.

The yield on the 10-year Treasury also declined dropping below 1.5% to 1.47% and the dollar weakened against a basket of major currencies. Gold gained 0.45% as investors sought a safe haven.

Price Chg. Chg. %
U.S. Dollar Index (DXY): 96.22 -0.55 -0.57%

 

Yield Change Previous close
U.S. 1 Year Treasury Bill 0.193% -0.022 0.215%
U.S. 5 Year Treasury Note 1.219% -0.126 1.345%
U.S. 10 Year Treasury Note 1.47% -0.103 1.641%

 

Stocks To Watch

Most active stocks today reflected the reaction to the new COVID 19 variant.

Travel companies, including airline companies and cruiseliners, were hit the hardest.

Shares of cruiseliner Carnival Corp posted a nearly 11% loss on the news. American Airlines’ shares lost 4.97%. Aircraft manufactured Boeing also dropped.

On the other hand, shares of a vaccine manufacturer Pfizer spiked on the new COVID variant news.

Commodities To Watch

Oil declined considerably amid the expectation of weaker demand. WTI Crude fell 13%. Gold was up on the uncertainty. 

Crypto

Crypto markets are in the red, with Bitcoin down to $54,171. Markets are reacting to the uncertainty ahead of the Mt. Gox crypto exchange liquidation. The global crypto market cap dropped to $2.44T, a 7.75% decrease over the last day.

Currency Symbol Price Chg. % Market Cap.
Bitcoin BTC $54,552.03 -7.47% 1.02t
Etherium ETH $4,042.34 -9.10% 477.36b
Binance coin BNB $584.18 -8.46% 87.82b
Solana SOL $190.76 -10.65% 57.98b
Cardano ADA $ 1.53 -10.05% 47.49b

 

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