The major indices were down big but rallied just before the opening bell this morning on fears of the omicron coronavirus variant — and more in Tuesday’s stock market recap.
Renewed travel bans in some countries threaten to further disrupt a global economy that’s struggling to recover while supply chains are still dealing with bottlenecks.
Should this new variant lead to factories, freight yards and ports slowing or even shutting down, it’ll only make things worse. Not to mention, shipping problems would risk pushing prices higher and adding even more inflationary pressures.
Some analysts believe we’ll avoid a serious economic downturn this time around because things are different — meaning more people are vaccinated.
In the meantime, the market is pricing in fear and uncertainty. We’re seeing a lot of volatility again, and I have one long and one short trade to take advantage of the current market action.
In this morning’s stock market recap video, you’ll learn why U.S. stocks are opening down substantially… what the volatility indicators are pointing to right now… why the biggest report this week is NOT employment numbers… how the bond market is reacting to the volatility… whether stocks are set to decline substantially or bounce back… and actionable long and short trade ideas for today’s volatility.
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Roger’s Radar: Omicron’s Effect on the Market
On my radar this morning is of course the omicron variant and the effect it’s going to have on the market in the near term. A top Pfizer executive said the company hopes its booster shots will provide enough protection against the omicron variant, and that the company is working on the timeline for developing a new vaccine if it’s ineffective.
“We do take the new variant of concern, Omicron, with seriousness,” Dolsten told STAT. “It can indeed be a potential new threatening wave … although we don’t know that yet. But we always start with being prepared for the worst.”
Stock Market Recap: By the Numbers
This morning’s stock market futures recap:
- Close: 35,135.94.
- Futures: 34,783.
- Change: -292.
S&P 500 (mini)
- Close: 4,655.27.
- Futures: 4,621.5.
- Change: -29.5.
- Close: 16,399.24.
- Futures: 16,353.75.
- Change: -40.25.
- Close: 2,241.98.
- Futures: 2,213.8.
- Change: -26.4.
Note: Updated as of 9:26 a.m. EST
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Check back each morning for Roger’s Radar and the most important news and numbers in the WealthPress stock market recap.