The U.S. bourse moderated the potential impact of the Omicron variant and hence the stocks rebounded from the worst session of the year as investors reassess their perception of the new COVID-19 variant. The Dow Jones Industrial Average rose over 236 points or 0.68%, while S&P 500 and Nasdaq Composite jumped 1.3% and 1.8%, respectively. The bounce-back comes after stocks suffered the worst drop of the year Friday as fears about the variant ripped through financial markets.
|I:DJI||DOW JONES AVERAGES||35135.94||+236.60||+0.68%|
|I:COMP||NASDAQ COMPOSITE INDEX||15782.834136||+291.18||+1.88%|
Commodities, Oil also rebounded over 6%, before pulling back, leaving oil at the $69 per barrel level. Energy stocks also rallied.
Vaccine: Vaccine makers were in focus as they assess a plan to combat the omicron. Moderna's CEO Stephane Bancel said it may be "months" before vaccines specific to the COVID-19 coronavirus variant can be shipped, according to an interview with CNBC.
|JNJ||JOHNSON & JOHNSON||159.75||+0.55||+0.35%|
Cyber Monday Sales, Retailers are also in focus as more Black Friday and Cyber Monday sales figures roll in. Total online spending on Black Friday was $8.9B, the low end of Adobe’s predicted range and slightly lower than 2020's $9 billion. Sales on Thanksgiving Day were flat year-over-year at $5.1B, this marks the first time where both days did not see an increase in online spending annually.
European stocks plunged over concern due to the surging Covid infections with the German DAX 30 dipping by 1.31% to 15,079.95, France's CAC 40 slipped by 1.73% to 6,659.05 while Britain’s FTSE 100 slipped 1.17% to close at 7,026.47. The region is still battling with the surging Covid infection rate.
Asian stock markets were mixed on Tuesday, the Nikkei 225 in Tokyo lost 1.63% to 27,821.76, the Hang Seng in Hong Kong fell 1.58% to 23,475.26 and China's Shanghai Composite Index advanced by 0.03% to 3,563.89