Markets: Stocks dropped sharply in the post-Thanksgiving trading session on Friday due to concerns over the new Covid variant, Omicron. The Dow fell 2.5% for its worst day of the year, and the S&P also tumbled 2.3%. Oil prices and travel stocks also got rocked given fresh worries over travel demand, while “stay-at-home” names like Peloton and Zoom got a boost.
Economy: It’s still way too early to know the impact of Omicron on economic growth. As we laid out last week, the Fed is under pressure to accelerate the winding down of its stimulus measures in order to battle inflation, but the new variant could change the calculus. Investors dialed back their expectations of a sooner-than-expected rate increase on Friday.
One Response to “The Bear MARKETS and Cyber ECONOMY”
Markets: Consider the dip bought. Stocks regrouped much of their losses from their steep sell-off on Friday, relieved by President Biden’s pledge not to reimpose lockd owns. Moderna shares have now jumped nearly 35% in two days as investors see big $$$ in a potential Omicron-specific vaccine.
Economy: Fed Chair Jerome Powell and Treasury Secretary Janet Yellen will begin two days of hearings on Capitol Hill today. Expect Powell to field questions about how Omicron will change the Fed’s approach to combating inflation.
Markets: Consider the dip bought. Stocks regrouped much of their losses from their steep sell-off on Friday, relieved by President Biden’s pledge not to reimpose lockd owns. Moderna shares have now jumped nearly 35% in two days as investors see big $$$ in a potential Omicron-specific vaccine.
Economy: Fed Chair Jerome Powell and Treasury Secretary Janet Yellen will begin two days of hearings on Capitol Hill today. Expect Powell to field questions about how Omicron will change the Fed’s approach to combating inflation.
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By Editor-in-Chief on November 30, 2021 at 11:18 AM