Stocks dropped sharply on Friday on fears of the new Covid variant, called Omicron or B.1.1.529 - the worst one-day stock market drop of 2021. Quickly, many countries restricted travel including the US, UK, EU and Canada. In addition, oil prices tumbled 12%, bitcoin dropped 8% and travel-related stocks were hit hard. On the flip side, vaccine makers and stay-at-home stocks gained. Still, very little is known about the newest strain and its market implications.
Economic reports from last week came back mostly positive: •National Activity - worse than expectation •Existing Home Sales - better than expectation •Manufacturing (Richmond) - in-line with expectation •Jobless Claims - better than expectation •Consumer Sentiment - better than expectation •New Home Sales - worse than expectation This week, investors will look for guidance from economic reports like Pending Home Sales, Manufacturing, House Prices, Consumer Confidence, Employment, Construction Spending, Vehicle Sales and Jobless Claims.
Comments