The Palmieri Report previously reported on a new COVID variant coming out of South Africa.
Now, we have this.
Dow futures tumbled more than 700 points over the news.
U.S. stock futures dropped on Friday on renewed Covid fears over a new variant found in South Africa.
Futures for the Dow Jones Industrial Average fell 756 points, or 2.11%. S&P 500 futures lost 1.6% and Nasdaq 100 futures shed 0.9%. Friday is a shortened trading day because of the Thanksgiving holiday with U.S. markets closing at 1 p.m. ET.
The downward moves came after WHO officials on Thursday warned of a new Covid-19 variant that’s been detected in South Africa. The new variant contains more mutations to the spike protein, the component of the virus that binds to cells, than the highly contagious Delta variant. Because of these mutations, scientists fear it could have increased resistance to vaccines, though WHO said further investigation is needed.
The United Kingdom temporarily suspended flights from six African countries due to the variant. Israel barred travel to several nations after reporting one case in a traveler. Two cases were identified in Hong Kong. Belgium also confirmed a case.
“Friday is the day after Thanksgiving, probably not as many traders on the desks with an early close today. So potentially lower liquidity is causing some of the pullback,” Ajene Oden of BNY Mellon Investor Solutions said on CNBC’s “Squawk Box.” “But the reaction we’re seeing is a buying opportunity for investors. We have to think long-term.”
More from Steve Cortes:
Here’s the likely political playbook for Biden on the “super-scary variant”:
Struggling on every front, the admin grabs onto a panic program to re-institute harsh restrictions, push vax injections even harder – try to scare the public while creating an excuse for his failures. pic.twitter.com/T0JkNpglcG
— Steve Cortes (@CortesSteve) November 26, 2021
The Palmieri Report is a Pro-America News Outlet founded by Jacob Palmieri. The Palmieri Report is dedicated to giving people the truth so that they can form their own informed political opinions. You can help us beat Big Tech by following us on GETTR , Telegram, and Rumble.