US mid-day: Stocks plummet on new Omicron fears
By Joseph Toppe
17:18, 20 December 2021
Traders are selling on Monday as new Omicron fears send Wall Street into a tumble.
Halfway through the session, the Dow Jones Industrial Average dropped around 650 points, the S&P 500 is near 1.7% lower, while and the Nasdaq Composite lost approximately 1.5%.
The small-cap benchmark Russell 2000 is around 2.8% in the red.
Omicron picking up holiday steam
The latest data from the Centers for Disease Control (CDC) shows over 156,000 US cases were reported on Friday, while the Omicron strain has now been found in 43 out of the 50 US states and approximately 90 countries around the world.
The first US case of Omicron was confirmed on 1 December.
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Winners and losers: Blue-chip shares help Dow fall
On Monday, shares of Boeing are down around 2.41%, while shares of Goldman Sachs are off around 3.65% and shares of American Express are near 3.44% in the red, pulling the Dow lower by 600 points.
As Omicron concerns shake investors on Monday, shares of Pfizer are up around 2.22%, while shares of Johnson & Johnson are down 0.26% and shares of Moderna have fallen almost 2.71%.
Travel stocks are also falling on Monday as new Covid-19 fears spark consumer concerns.
Shares of Southwest Airlines are down near 1.25% and shares of United Airlines are off approximately 0.2%.
In tech stock, shares of Apple are almost 0.88% lower, shares of Meta Platforms are hovering around 2.99%% in the red, while shares of Microsoft are near 1.35% off and shares of Amazon are lower by almost 2.21%.
Oil: Crude prices shrink away from Omicron
Oil futures are down on Monday as Omicron concerns begin restricting travel.
West Texas Intermediate crude for February delivery was off $4.36, or 5.9%, at $66.50 a barrel on the New York Mercantile Exchange, while
February Brent crude, the global benchmark, shed $3.86, or 5.3%, to trade at $69.66 a barrel on ICE Futures Europe.
In energy stock, shares of Exxon Mobil are approximately 2.42% in the red, while shares of ConocoPhillips are around 1.82% lower.
Gold: Yellow metal dips below $1,800, again
Gold futures are down to start the week.
February delivery sank 0.5% to trade at $1,795.10 an ounce.
Forex: Yield dip, US buck holds firm
On Monday, one US dollar equals 1.29 of the Canadian dollar, 0.89 of the euro, and 0.76 of the Pound sterling.
The yield on the benchmark 10-year Treasury note fell to 1.387% Monday from 1.401% Friday.
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