by SignalFactory · November 26, 2021 | 11:29:38 UTC
U.S. stock futures dropped in early morning trading on Friday as investors geared up for a shortened trading day amid renewed Covid fears over a new variant found in South Africa.
Futures for the Dow Jones Industrial Average fell 800 points, while those for the S&P 500 and Nasdaq 100 were also in negative territory.
The downward moves came after WHO officials on Thursday warned of a new Covid-19 variant that’s been detected in South Africa. The United Kingdom temporarily suspended flights from six African countries due to the variant.
The discovery of the new COVID variant was announced on Friday by South Africa’s health minister Joe Phaahla. He said scientists were concerned because of its high number of mutations and the dramatic spike in infections the country had seen over the past four or five days.
Speaking at an online press conference, he said the variant, known as B.1.1.529 and expected to be called the Nu variant, had also been detected in Botswana and Hong Kong in travelers who had visited South Africa, he said. The World Health Organization’s technical working group is holding an emergency meeting to assess the variant, as scientists aren’t sure whether is more deadly or just more contagious.
“The one bull in the China shop that could truly derail the global recovery has always been a new strain of Covid-19 that swept the world and caused the reimposition of mass social retractions,” said Jeffrey Halley, senior market analyst, at OANDA, in a note. “All we know so far is the B.1.1.529 is heavily mutated but markets are taking no chances.”
After new cases appeared to stabilize at 200 a day, South Africa reported more than 1,200 on Wednesday and 2,465 on Thursday. Scientists and health officials are concerned that such a highly mutating variant could escape vaccines. The U.K. government is banning flights from the country along with five other African nations, effective Friday.
Investors are returning from the Thanksgiving Daybreak to a shortened session for U.S. markets, which is often accompanied by thinner volumes as traders often wait until Monday to return. There is no economic data on the calendar for Friday. But the week had been simmering with concerns about rising COVID cases in Europe and new restrictions.
Fear of a new variant was overshadowing the Black Friday shopping day, which puts the focus on retailers as consumers shop for bargains.
Dow Jones Short (Sell) Enter At: 35772.23 T.P__1: 35477.65 T.P_2: 35251.04 T.P_3: 34995.00 T.P_4: 34691.72 S.L: 36078.08
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