Dow Jones futures will open Sunday evening, along with S&P 500 futures and Nasdaq futures. The stock market rally was hit from all directions last week, with the major indexes tumbling below key levels Friday on the new omicron Covid variant, with crude oil prices and Treasury yields plunging. Coronavirus vaccine makers such as Moderna (MRNA), BioNTech (BNTX) and Pfizer (PFE) were big winners.
Is this the start of a significant market slide, the continuation of recent whipsaw action or will stocks quickly rebound? The current uncertainty makes it difficult to navigate the stock market rally. Investors should be playing more defense than offense until conditions clearly improve. More clarity on the new omicron variant may be needed.
Li Auto earnings are due before Monday’s open. Later this coming week, Li Auto (LI) and Chinese EV startups Nio (NIO) and Xpeng (XPEV) are likely to release November delivery figures. China EV giant BYD Co. (BYDDF) may come slightly later, with Tesla (TSLA) China sales figures eventually following.
The video embedded in this article analyzed a pivotal market week and discussed PFE stock, Ovintiv (OVV) and Li Auto.
Dow Jones Futures Today
Dow Jones futures will open Sunday at 6 p.m. ET, along with S&P 500 futures and Nasdaq 100 futures. But Dow Jones and S&P 500 ETFs traded modestly lower after Friday’s market close, while Nasdaq futures fell slightly.
Omicron Coronavirus: Covid Variant Of Concern
A new coronavirus variant with a large number of mutations, first detected in South Africa, is raising concerns. It’s unclear if the B.1.1529 Covid variant, dubbed the omicron variant on Friday, is more deadly or infectious than prior strains, or whether vaccinations or prior Covid infection provide substantial protection. But health officials are worried.
The World Health Organization noted that the omicron variant appears to have a higher risk of reinfection for people who have already had Covid-19. The WHO declared it a “variant of concern,” the first such designation since the delta variant a year ago.
The U.S., U.K., European Union, Australia, Israel and Singapore have suspended flights or entry from southern Africa.
Europe is testing travelers who returned from southern Africa just before the ban. Some 61 people in the Netherlands tested positive for Covid-19, but scientists are now looking to see which variants they might have.
The U.K., Belgium and Hong Kong have identified a handful of omicron Covid cases in their countries.
Coronavirus Vaccine Stocks
Pfizer partner BioNTech said it will take two weeks to see how effective its vaccine is vs. the omicron Covid variant. BioNTech and Moderna could tweak their Covid vaccines to target the omicron variant quickly if necessary. MRNA technology speeds up vaccine development, though FDA approval could take several months. On…
Read More News: Markets Await Omicron Variant News; What To Do After Sell-Off