By Barbara Kollmeyer
Dutch authorities say the omicron variant of COVID was already present in the country before South Africa raised the alarm .
Apart from Moderna, Pfizer /zigman2/quotes/202877789/composite PFE -0.15% CEO Albert Bourla told Bloomberg it would take a few weeks to gather data that will tell whether the omicron strain is more virulent, replicates faster or will overtake the delta strain. Regeneron /zigman2/quotes/203149337/composite REGN +1.37% said its COVID-19 antibody drug cocktail appears less effective against omicron in initial testing.
Omicron headlines are setting up travel stocks American Airlines /zigman2/quotes/209207041/composite AAL +5.16% , United Airlines /zigman2/quotes/205037281/composite UAL +5.08% and Delta Air Lines /zigman2/quotes/200327741/composite DAL +3.43% for another rough day.
In brief remarks prepared for delivery on Tuesday to the Senate Banking Committee, Fed Chair Jerome Powell, who will appear along with Treasury Secretary Janet Yellen, had this to say : “Greater concerns about the virus could reduce people’s willingness to work in person, which would slow progress in the labor market and intensify supply-chain disruptions.”
Investors will also hear from Fed Vice Chair Richard Clarida and Cleveland Fed President Loretta Mester. Data ahead include the S&P Case-Shiller home price index and consumer confidence.
The U.K.’s competition regulator has ordered Facebook parent Meta /zigman2/quotes/205064656/composite FB +1.83% to sell social-media animated images company Giphy over competition concerns.
China’s manufacturing gauge showed a surprise November rebound, and eurozone inflation surged a record 4.9%.
Elsewhere in commodities, here’s what’s been going on with cocoa prices /zigman2/quotes/209712848/delayed CC00 +0.12% , which have been falling even with deliveries down, point out Commerzbank strategists. Prices hit a four-month low in New York of $2,372 per ton on Monday.
It’s no more monarchy for Barbados, as the island country officially becomes a republic.
A TV reporter has been crowned Miss USA .
Meet the new cinnamon roll .
Need to Know starts early and is updated until the opening bell, but sign up here to get it delivered once to your email box. The emailed version will be sent out at about 7:30 a.m. Eastern.
Want more for the day ahead? Sign up for The Barron’s Daily, a morning briefing for investors, including exclusive commentary from Barron’s and MarketWatch writers.