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Stocks fall, oil soars amid Russia’s war in Ukraine

Stocks fall, oil soars amid Russia’s war in Ukraine

Stocks extended declines on Monday and oil prices soared as investors nervously considered the potential for even higher inflation and greater global economic damage from Russia’s war in Ukraine and sanctions that have ensued.

The S&P 500 closed down nearly 3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} at 4,200.89, its worst day in more than a year, while the Dow fell 2.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 32,813.56. The Nasdaq Composite dropped 3.62{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} at 12,380.96 clocking in its worst day in more than a month, and formally entered a bear market after dropping more than 20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from its recent record high. The German DAX index (DAX) as well as the STOXX 50 (FEZ) also each sank to drop into bear markets. Traders piled into safe haven assets, and gold prices (GC=F) briefly jumped above $2,000 per ounce for the first time since September 2020. U.S. Treasury yields advanced.

In energy markets, Brent crude oil prices (BZ=F), the international standard, soared to as much as $137 per barrel, building on gains over the past several weeks. U.S. West Texas intermediate crude oil (CL=F), likewise, rose to as much as $130.50 a barrel.

The jump in energy prices came as the White House and European nations weighed an import ban on Russian crude oil in a further punitive move for the country’s invasion of Ukraine. Secretary of State Antony Blinken told CNN on Sunday that the Biden Administration was “now talking to our European partners and allies to look in a coordinated way at the prospect of banning the import of Russian oil,” while ensuring global markets remain sufficiently supplied.

The U.S. receives only a small portion of energy products from Russia, with just about 7.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of total petroleum imports including crude oil coming from the country in 2021, according to the Energy Information Administration. However, such a ban could more negatively impact European countries that have been more reliant on Russian crude oil as well as natural gas for energy. Prices for metals used in fuel cell batteries and other clean energy products including palladium and nickel also spiked on Monday as traders eyed an accelerated move toward renewable alternatives.

“Russia’s invasion of Ukraine—and the Western response to it—will exacerbate the supply-demand imbalance that lies at the heart of the global inflation surge,” Goldman Sachs economist Jan Hatzius wrote in a note Sunday. “Reducing trade with a current account surplus country via sanctions and boycotts means that the rest of the world needs to produce a larger share of what it consumes.”

Hatzius added that “the potential shift is fairly small at an aggregate level,” given Russia comprises less than 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the global goods trade and gross domestic product. But in oil, Russia supplies 11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of global consumption, and 17{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of natural gas — including as much as 40{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of Western European consumption.

“If Western countries buy less Russian oil, China and India could in principle buy more Russian oil and correspondingly less Saudi and other oil, which can then flow to the West,” Hatzius added. “But this ‘rearrangement of the deck chairs’ isn’t perfect, not only because of increased transport costs and other technical frictions but also because China and India may be reluctant to increase their imports and corresponding payments sharply at a time when Russia is becoming a global pariah.”

The uncertainty over global trade and supplies of key goods has further stoked fears over a further surge in inflation. Later this week, the Bureau of Labor Statistics is set to release its February Consumer Price Index, which economists expect will show a 7.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} annual rise for the largest jump since 1982. And given the latest set of commodity price increases this month, a further rise is also possible.

“We had thought that February was going to mark the peak,” Michelle Girard, NatWest co-head of global economics, told Yahoo Finance Live on Friday. “However, with the rise in energy prices that we’re seeing, I don’t think we can any longer assume that’s going to be the case. Certainly, with respect to the headline numbers, I think, it’s likely that we’ll continue to see upward pressure.”

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4:00 p.m. ET: Stocks end at session lows

Here were the main moves in markets as of 4:00 p.m. ET:

  • S&P 500 (^GSPC): -127.98 (-2.96{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,200.89

  • Dow (^DJI): -801.24 (-2.38{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 32,813.56

  • Nasdaq (^IXIC): -482.48 (-3.62{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 12,830.96

  • Crude (CL=F): +$4.44 (+3.84{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $120.12 a barrel

  • Gold (GC=F): +$34.00 (+1.73{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $2,000.60 per ounce

  • 10-year Treasury (^TNX): +2.7 bps to yield 1.7510{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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2:26 p.m. ET: Shares of U.S.-listed Chinese stocks slump amid risk-off move

Shares of major Chinese companies listed in the U.S. sank on Monday amid a broader risk-off tone across global equity markets, and as investors eyed the country’s rising COVID-19 cases.

The Nasdaq Golden Dragon China Index (^HXC), which tracks a basket of major U.S.-listed Chinese stocks, dropped more than 3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} Monday afternoon to set a record low in data spanning back to early 2017. Major components including Baidu (BIDU) and Chinese electric-vehicle maker XPeng (XPEV) also fell more than 4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} each intraday.

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12:26 p.m. ET: Stocks extend declines, indexes drop more than 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

The three major equity indexes dropped more than 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} during afternoon trading, building on earlier losses. Here’s where markets were trading after 12 p.m. ET:

  • S&P 500 (^GSPC): -97.90 (-2.26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,230.97

  • Dow (^DJI): -675.37 (-2.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 32,939.43

  • Nasdaq (^IXIC): -300.53 (-2.26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,012.09

  • Crude (CL=F): +$2.28 (+1.97{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $117.96 a barrel

  • Gold (GC=F): +$20.30 (+1.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,986.90 per ounce

  • 10-year Treasury (^TNX): +1.4 bps to yield 1.736{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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10:26 a.m. ET: ‘Look for these dips to offer opportunities that are shorter-term in nature’: Strategist

With major equity indices continuing to trend lower this year, at least one strategist suggested investors shift from pursuing the buy-and-hold strategy that paid off during the pandemic to a more tactical approach.

“What we saw late last year was a pretty significant loss of long-term upside momentum developing, and of course that’s manifested itself in a pretty sizable corrective phase at this point in thee major indices,” Katie Stockton, Fairlead Strategies founder, told Yahoo Finance Live on Monday. “So that loss of upside momentum suggests that the market has moved into a trading range perhaps, and with a trading range environment, when you just buy and hold long-term, it doesn’t tend to pay off.”

“However, if you can be more short to intermediate term in your focus, with a time frame of perhaps a couple months maybe, that would be a little bit of a safer bet in terms of adding exposure into corrective phases in a trading range,” she added. “So that’s what our recommendation has been: To look for these dips to offer opportunities that are shorter-term in nature as opposed to having the kind of buy and hold market that we had last year and even part of the year before off of the COVID corrective low.”

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9:50 a.m. ET: Mobileye, Intel’s self-driving unit, files confidentially for an IPO

Mobileye, the self-driving unit of Intel (INTC), filed confidentially for an initial public offering on Monday, according to a statement from Intel.

While Intel did not provide many details about the IPO, the deal could value the automotive tech unit at more than $50 billion, according to a report from Reuters. Intel first bought Mobileye for $15.3 billion in 2017.

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9:30 a.m. ET: Stocks mixed, coming off overnight lows

Here’s where stocks were trading Monday morning just after market open:

  • S&P 500 (^GSPC): -7.19 (-0.17{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,321.68

  • Dow (^DJI): -111.09 (-0.33{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 33,503.71

  • Nasdaq (^IXIC): +14.94 (+0.14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,332.30

  • Crude (CL=F): +$0.57 (+0.49{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $116.75 a barrel

  • Gold (GC=F): +$8.90 (+0.45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,975.50 per ounce

  • 10-year Treasury (^TNX): -6.5 bps to yield 1.787{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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8:19 a.m. ET: Bed Bath & Beyond shares soar by more than 90{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} after activist Ryan Cohen discloses nearly 10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} stake

Ryan Cohen’s investment firm RC Ventures disclosed a 9.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} stake in Bed Bath & Beyond (BBBY) on Monday, sending shares of the retailer soaring by more than 90{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in pre-market trading.

Cohen, the co-founder of Chewy and chairman of GameStop, also wrote a letter to the board of Bed Bath & Beyond calling for a sweeping set of operational changes and for the board to consider alternatives including a full sale of the company. Cohen was also critical of the compensation of its top executives even as the company experienced share price declines and market share losses.

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7:40 a.m. ET Monday: Stocks head for a sharply lower open

Here’s where stocks were trading Monday morning:

  • S&P 500 futures (ES=F): -47.75 points (-1.10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,279.50

  • Dow futures (YM=F): -365.00 points (-1.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 33,218.00

  • Nasdaq futures (NQ=F): -177.5 points (-1.28{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,662.25

  • Crude (CL=F): +$7.66 (+6.62{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $123.34 a barrel

  • Gold (GC=F): +$25.40 (+1.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,992.00 per ounce

  • 10-year Treasury (^TNX): +5.5 bps to yield 1.777{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

NEW YORK, NEW YORK - MARCH 04: Traders work on the floor of the New York Stock Exchange (NYSE) on March 04, 2022 in New York City. The Dow fell over 300 points in morning trading despite a positive jobs report as the war in Ukraine continues to worry investors. (Photo by Spencer Platt/Getty Images)

NEW YORK, NEW YORK – MARCH 04: Traders work on the floor of the New York Stock Exchange (NYSE) on March 04, 2022 in New York City. The Dow fell over 300 points in morning trading despite a positive jobs report as the war in Ukraine continues to worry investors. (Photo by Spencer Platt/Getty Images)

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Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter

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Wall Street shrugs off second Omicron case, Dow soars over 600 points

Wall Street shrugs off second Omicron case, Dow soars over 600 points

Stocks rose on Thursday to reverse course after dropping a day earlier, with investors assessing the latest headlines on the Omicron variant and mulling lingering concerns around inflation.

The S&P 500, Dow and Nasdaq advanced and extended gains into afternoon trading. The S&P 500’s 1.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} gain on Thursday was its best since mid-October. 

The moves came in contrast to the three major indexes slide on Wednesday, after the Centers for Disease Control and Protection announced that the first confirmed case of the Omicron variant had been identified in the U.S. The discovery of a second case on Thursday did little to knock equities from their upward path. 

More than two dozen countries globally have so far found at least one confirmed case of the variant, first identified last week. 

The latest updates on the virus front have come on top of traders’ ongoing anxiousness over rising prices. Monetary policymakers have also underscored these lingering inflationary trends, stoking concerns that the Federal Reserve may soon pivot away from its accommodative policies that had helped support markets throughout the pandemic. In the Federal Reserve’s December Beige Book, or collection of anecdotes about economic conditions throughout the Fed districts, the central bank said it observed that, “Prices rose at a moderate to robust pace, with price hikes widespread across sectors of the economy.” 

Federal Reserve Chair Jerome Powell also told lawmakers this week that he thought it would be appropriate for monetary policymakers to consider ending their asset-purchase tapering process sooner than previously telegraphed, or potentially before the middle of next year. That has in turn raised the specter that interest rate hikes could also come more quickly than previously anticipated after the conclusion of the Fed’s tapering process. 

According to a number of strategists, inflation — as well as policymakers’ responses to inflation — will ultimately be one of the driving forces for the market going forward. 

“In the very near-term the biggest threat is the headlines related to the virus,” Niladri Mukherjee, Merrill and Bank of America Private Bank head of CIO portfolio strategy, told Yahoo Finance Live on Wednesday. “But as we go into 2022, inflation is the biggest risk for the markets as a whole. Inflation is looking awfully persistent. Obviously we had 6-7 months of CPI [the Consumer Price Index] printing above 5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, now 6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. I wouldn’t be surprised to see even higher prints going into January, February, especially if the variant actually leads to further closures.” 

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4:12 p.m. ET: Wall Street bounces back after Omicron reports, Dow gains 618 points or 1.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

Here were the main moves in markets as of 4:12 p.m. ET:

  • S&P 500 (^GSPC): +64.06 (+1.42{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,577.10

  • Dow (^DJI): +617.75 (+1.82{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,639.79

  • Nasdaq (^IXIC): +127.27 (+0.83{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,381.32

  • Crude (CL=F): +$1.29 (+1.97{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $66.86 a barrel

  • Gold (GC=F): -$14.90 (-0.84{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,769.40 per ounce

  • 10-year Treasury (^TNX): +1.4 bps to yield 1.4480{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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3:25 p.m. ET: Crude oil prices rebound after sell-off

U.S. West Texas intermediate crude oil futures jumped on Thursday to recover losses from the past two sessions. The commodity prices settled at $66.50 per barrel, rising nearly 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on the day after hitting a low of $62.43 at session lows. 

The moves coincided with news that OPEC and its allies decided to stick to their previously made plan to increase output by 400,000 barrels per day starting in January. Heading into the OPEC+ meeting, some had expected the cartel would pause its output increases amid uncertainty round energy demand given the threat of the new coronavirus variant. 

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12:03 p.m. ET: Stocks extend gains, led by financials, industrials

The three major indexes added to gains Thursday afternoon, with cyclical sectors leading the way higher after being sold off sharply earlier this week. 

The Dow rallied, gaining more than 600 points, or 1.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Boeing, American Express and Visa outperformed in the 30-stock index, while Apple, Merck and Johnson & Johnson lagged.

The S&P 500 rose by 1.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, with financials, industrials and energy sectors leading the way higher. All 11 major sectors were in the green, though health-care and information technology lagged. 

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9:58 a.m. ET: Shares of ride-hailing company Grab open at $13.06 after SPAC merger

Shares of Singapore-based ride-hailing company Grab opened for public trading at $13.06 apiece in their trading debut on the Nasdaq. 

The company went public following a merger with the special purpose acquisition company (SPAC) Altimeter Growth Corp. Shares of Altimeter had closed Wednesday’s trading day at $11.01 apiece. 

Grab’s “super-app” business model combining both ride-hailing and delivery has paralleled that of Uber. In 2018, Uber also sold its Southeast Asia business to Grab. Both Uber and Grab have also been backed by SoftBank Group. 

Grab in early November reported third-quarter gross merchandise value of $4.0 billion, which rose 32{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over last year and reached an all-time quarterly high. Revenue fell to 9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over last year to $157 million, which Grab attributed to “a decline in mobility due to the severe lockdowns in Vietnam.” The company remains unprofitable, and its net losses were $988 million in the third quarter. 

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9:50 a.m. ET: Lawmakers reach temporary spending deal that would avert shutdown

Lawmakers in the House of Representatives reached a deal and released a bipartisan stopgap spending bill on Thursday that would fund the U.S. government through Feb. 18. 

The House of Representatives is expected to take up the spending bill later on Thursday, and the Senate would then consider the bill shortly thereafter. 

Though some of both House Democratic and Republican lawmakers had spoken favorably of the bill, a group of conservative Republicans have held out over disagreement with the Biden administration’s federal vaccination and testing mandates for some workers. 

If passed before a midnight deadline on Friday, the temporary spending bill would avert a government shutdown.

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9:38 a.m. ET: Stocks open mixed before recovering

Here’s where markets were trading Thursday morning just after the opening bell: 

  • S&P 500 (^GSPC): +4.27 (+0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,517.31

  • Dow (^DJI): +172.78 (+0.51{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,194.82

  • Nasdaq (^IXIC): -35.77 (-0.23{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,219.65

  • Crude (CL=F): -$1.40 (-2.14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $64.17 a barrel

  • Gold (GC=F): -$4.70 (-0.26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,779.60 per ounce

  • 10-year Treasury (^TNX): -2.2 bps to yield 1.414{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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8:37 a.m. ET: Jobless claims rise slightly after setting 52-year low

New weekly jobless claims rose for the first time in eight weeks for the period ended Nov. 27, but still came in around pre-pandemic levels. 

The Labor Department said Thursday that weekly jobless claims were 222,000 for the week ended Nov. 27. This followed 194,000 claims from the prior week, which represented the lowest level since 1969, and was downwardly revised even further from the 199,000 previously reported. Consensus economists were expecting new claims to total 240,000 for the week ended Nov. 27.

Continuing claims, which measure the total number of individuals still claiming benefits across regular state programs, totaled 1.956 million for the week ended Nov. 20. This figure fell more than expected, and reached the lowest level since March 2020. 

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7:52 a.m. ET Thursday: Stock futures mixed 

Here’s where markets were trading Thursday morning:

  • S&P 500 futures (ES=F): +3 points (+0.07{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,511.50

  • Dow futures (YM=F): +117 points (+0.34{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 34,119.00

  • Nasdaq futures (NQ=F) -53.75 points (-0.34{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,816.00

  • Crude (CL=F): -$0.17 (-0.26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $65.40 a barrel

  • Gold (GC=F): -$2.20 (-0.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,782.10 per ounce

  • 10-year Treasury (^TNX): -1.5 bps to yield 1.419{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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6:31 p.m. ET Wednesday: Stock futures recover some losses

Here were the main moves in markets during the overnight session:  

  • S&P 500 futures (ES=F): +8.75 points (+0.19{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,517.25

  • Dow futures (YM=F): +85 points (+0.25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 34,087.00

  • Nasdaq futures (NQ=F): +39.75 points (+0.25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,909.5

NEW YORK, NEW YORK - NOVEMBER 29: A trader works on the floor of the New York Stock Exchange (NYSE) at the start of trading on Monday following Friday’s steep decline in global stocks over fears of the new omicron Covid variant discovered in South Africa on November 29, 2021 in New York City. Stocks surged in morning trading as investors get more data on the new variant and reports that symptoms have so far been mild for those who have contracted it. (Photo by Spencer Platt/Getty Images)

NEW YORK, NEW YORK – NOVEMBER 29: A trader works on the floor of the New York Stock Exchange (NYSE) at the start of trading on Monday following Friday’s steep decline in global stocks over fears of the new omicron Covid variant discovered in South Africa on November 29, 2021 in New York City. Stocks surged in morning trading as investors get more data on the new variant and reports that symptoms have so far been mild for those who have contracted it. (Photo by Spencer Platt/Getty Images)

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Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter