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Dec. 1, 2021, 6:18 p.m. EST

Dow stages wild, 1,000-point swing and stocks see sharpest U-turn lower in over a year as U.S. confirms 1st omicron case

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By Mark DeCambre and Barbara Kollmeyer

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The ADP results come ahead of the closely watched November payrolls data that will be released Friday.

Tuesday’s downturn also was precipitated by comments from Moderna  /zigman2/quotes/205619834/composite MRNA -4.97% CEO Stéphane Bancel, who expressed doubts about extant vaccines against the omicron variant, which the World Health Organization on Friday designated as a variant of concern because they fear it may be more transmissible and harder to immunize against due to the mutations in its so-called spike protein.

Read: ‘Don’t freak out’: Omicron is bound to disrupt supply chains. The question is, how bad will it be?

Analysts said investors will remain laser focused on updates over the omicron variant, with data expected over the next two weeks or so.

“While Powell decided to retire the phrase transitory when discussing inflation, the fact is that this latest variant runs the risk of ensuring this current hawkish tone is in itself somewhat temporary in nature,” said Joshua Mahony, senior market analyst at IG, in a note to clients.

“With the risk of future lockdowns and economic closures, comments from the Fed and [Bank of England] should be taken with a pinch of salt given how much they could change once we find out the full extent of this variant,” said Mahony.

The U.S. is reportedly set to announce further travel restrictions this week , among them a requirement that all incoming air travelers be tested for COVID within a day of their flight. Details are being completed ahead of a planned speech from President Joe Biden on Thursday, where he is expected to detail the country’s plan to control the pandemic this winter.

In other economic data, a closely followed index of U.S.-based manufacturers rose to 61.1 in November from 60.8 in the prior month, the Institute for Supply Management said Wednesday. That matched the forecast of economists polled by The Wall Street Journal. Any number above 50 signifies growth. A separate reading from IHS Markit showed that November U.S. manufacturing PMI dropped to 58.4 vs initial 59.1.

Meanwhile, the Fed’s latest Beige Book compilation released Wednesday showed that while the economy was growing at a moderate pace in November, businesses were raising price at a rapid clip across a swath of the economy.

“Prices rose at a moderate to robust pace, with price hikes widespread across sectors of the economy,” the survey found.

Which companies are in focus?

  • Groupon IncGRPN shares fell 3.3% after it announced Wednesday that it has named Zappos veteran Kedar Deshpande to be the company’s next chief executive. Deshpande spent the past decade at Zappos in a variety of roles, including as CEO.

  • Semiconductor fabricator GlobalFoundries Inc. , benefiting from the continuing global chip shortage, reported a 56% jump in third-quarter revenue. Shares of the company closed down 4.3%.

  • The exchange-traded fund focused on airlines, U.S. Global JETS ETF /zigman2/quotes/207744796/composite JETS -1.38% , finished down 4.5%, led by losses in American Airlines Group /zigman2/quotes/209207041/composite AAL -2.93% , United Airlines Holdings /zigman2/quotes/205037281/composite UAL -1.49% and Delta Air Lines Inc . /zigman2/quotes/200327741/composite DAL -1.53%

How are other assets trading?

  • Gold futures /zigman2/quotes/210034565/delayed GC00 +0.21% for February delivery rose 0.4% to end at $1,784.30 an ounce.

  • January West Texas Intermediate crude  CLF22  fell 61 cents, or 0.9%, to settle at $65.57 a barrel on the New York Mercantile Exchange, after touching an intraday high of $69.49. Prices lost 5.4% on Tuesday.

  • The ICE U.S. Dollar Index /zigman2/quotes/210598269/delayed DXY +0.29% , a measure of the currency against a half-dozen other monetary units, was flat at 96.002.

  • The 10-year Treasury note yields /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y -2.29% around 1.433%, compared with 1.440% on Tuesday at 3 p.m. ET. Prices for Treasurys fall as yields rise.

  • The Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +0.73%  closed 1.7% higher and London’s FTSE 100  /zigman2/quotes/210598409/delayed UK:UKX +1.19% rose 1.6%.

  • In Asia, the Shanghai Composite  /zigman2/quotes/210598127/delayed CN:SHCOMP +1.60% rose 0.3%, while the Hang Seng Index  /zigman2/quotes/210598030/delayed HK:HSI +2.96% gained 0.7% and Japan’s Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK +1.27% rose 0.4%.

/zigman2/quotes/205619834/composite
US : U.S.: Nasdaq
$ 136.25
-7.13 -4.97%
Volume: 5.87M
May 20, 2022 4:00p
P/E Ratio
4.01
Dividend Yield
N/A
Market Cap
$57.03 billion
Rev. per Employee
$8.34M
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/zigman2/quotes/207744796/composite
US : U.S.: NYSE Arca
$ 19.25
-0.27 -1.38%
Volume: 6.09M
May 20, 2022 4:00p
loading...
/zigman2/quotes/209207041/composite
US : U.S.: Nasdaq
$ 16.26
-0.49 -2.93%
Volume: 34.01M
May 20, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$10.88 billion
Rev. per Employee
$281,791
loading...
/zigman2/quotes/205037281/composite
US : U.S.: Nasdaq
$ 43.55
-0.66 -1.49%
Volume: 12.91M
May 20, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$14.44 billion
Rev. per Employee
$344,578
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/zigman2/quotes/200327741/composite
US : U.S.: NYSE
$ 38.64
-0.60 -1.53%
Volume: 10.61M
May 20, 2022 4:00p
P/E Ratio
48.90
Dividend Yield
0.00%
Market Cap
$25.16 billion
Rev. per Employee
$422,868
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/zigman2/quotes/210034565/delayed
US : U.S.: Nymex
$ 1,845.10
+3.90 +0.21%
Volume: 139,544
May 20, 2022 4:59p
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/zigman2/quotes/210598269/delayed
US : U.S.: ICE Futures U.S.
103.03
+0.30 +0.29%
Volume: 0.00
May 20, 2022 4:59p
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/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
2.78
-0.07 -2.29%
Volume: 0.00
May 20, 2022 4:59p
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/zigman2/quotes/210599654/delayed
XX : STOXX
431.10
+3.11 +0.73%
Volume: 0.00
May 20, 2022 5:50p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,389.98
+87.24 +1.19%
Volume: 722,321
May 20, 2022 4:56p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,146.57
+49.60 +1.60%
Volume: 37.23B
May 20, 2022 3:00p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
20,717.24
+596.56 +2.96%
Volume: 2.17M
May 20, 2022 4:08p
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
26,739.03
+336.19 +1.27%
Volume: 0.00
May 20, 2022 3:15p
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