There are some questions about the effectiveness of existing COVID vaccines from Pfizerĭue to the number of mutations that the omicron variant bears on the spike protein. “The fact that this variant seems to be spreading much faster than previous versions (including the Delta variant) bears very careful monitoring,” wrote Michael Strobaek, global chief investment officer at Credit Suisse, in a research note. Some analysts say that there are legitimate reasons for unease, on the public health front. “If we’re below that then there is a probably a much bigger problem out there, and the heaviest cash positions in 18 months would be warranted,” Parets writes. MarketWatch’s Bill Watts wrote, citing Friday research from Mark Arbeter of Arbeter Investments, that the next level of support to watch for the S&P 500 after closing at 4,594,62 on Friday is at 4,570, the 50-day exponential average 4,566, the 38.2% retracement of the rally and 4,550, a previous high from early September. Still, only time will tell whether the reaction to omicron is a textbook, knee-jerk selloff or something more sinister. owned NYSE platforms, was 8.760 billion, compared with an year-to-date average of 11.196 billion, according to Dow Jones Market Data. The total composite volume, including trading on Intercontinental Exchange
The Nasdaq saw its lowest volume of the year on Black Friday, with 3.479 billion shares trading hands, well below the year-to-date average of 5.099 billion. In theory, Friday’s post-Thanksgiving environment is traditionally lightly traded and therefore more susceptible to outsize price swings.
Omicron comes at a fragile time for optimistic investors, with bears pointing to lofty stock market valuations, inflation worries and global economic growth concerns as reasons to expect a drawdown in equities that have managed to avoid a decline from a peak of more than 5%. What isn’t clear is whether the latest coronavirus development will do lasting harm to the complexion of the market.
Friday’s downturn also offered a crystal clear reminder that the path of the market and economy hinges on the course of COVID. The market selloff during the abbreviated Black Friday session and the commensurate flight to assets that investors hope will perform better amid fresh mobility restrictions, helped to overshadow the usual focus on retail, on a day associated with heavy consumer spending ahead of the Christmas holiday. citizens and residents from South Africa, as well as from Botswana, Zimbabwe, Namibia, Lesotho, Eswatini, Mozambique, and Malawi, joining the European Union, the U.K., Singapore and Japan, which also announced similar travel bans. However, the emergence of the new strain led to the White House announcing restrictions, starting on Monday, on travel for non-U.S. Early signs, however, suggest that the variant may be less severe. WHO said that they fear that the omicron variant, which has been detected in Belgium, Israel, and Hong Kong and was first identified in southern parts of Africa, is more transmissible than the delta strain that is currently dominant world-wide, and other variants.
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