Here are the most important news, trends and analysis that investors need to start their trading day
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.
Spencer Platt | Getty Images
Dow futures declined roughly 350 points, or about 1%, on Tuesday as investors reassessed risks associated with the new Covid omicron variant. S&P futures fell nearly 1% and Nasdaq futures dropped 0.5%.
Stocks saw a rebound Monday, with the Nasdaq up nearly 1.9%, the S&P 500 rising 1.3% and the Dow Jones Industrial Average up almost 0.7%. Wall Street was coming off a holiday-shortened session Friday, during which all three benchmarks dropped more than 2% as omicron became known. Heading into the last day of November, the Dow was lower for the month, while the S&P 500 and Nasdaq were higher for the month.
Federal Reserve Chairman Jerome Powell testifies during a Senate Banking, Housing and Urban Affairs Committee hearing on the CARES Act, at the Hart Senate Office Building in Washington, DC, U.S., September 28, 2021.
Kevin Dietsch | Reuters
Federal Reserve Chairman Jerome Powell, according to prepared remarks, is set to tell a Senate Banking Committee hearing Tuesday he believes the omicron variant and a recent uptick in coronavirus cases pose a threat to the U.S. economy and muddle an already-uncertain inflation outlook. “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.” Treasury Secretary Janet Yellen joins Powell for their quarterly report to Congress as part of the March 2020 Covid economic relief legislation. They go before the House Financial Services Committee on Wednesday.
Merck’s experimental Covid-19 treatment pill, called molnupiravir
MERCK & CO INC | via Reuters
A panel of expert advisors to the Food and Drug Administration are expected to vote Tuesday on whether to recommend authorization of Merck‘s antiviral Covid pill. The U.S. drugmaker reported Friday that the medicine’s efficacy in reducing hospitalizations and deaths dropped to 30% with data available from more than 1,400 patients in its late-stage study. It had reported about a 50% reduction a month ago using data from 775 patients. Analysts said they still expect the Merck drug and a similar oral treatment from Pfizer to be authorized as important therapeutic tools that can be taken at home as soon as Covid symptoms arise.
US President Joe Biden delivers remarks to provide an update on the Omicron variant in the Roosevelt Room of the White House in Washington, DC on November 29, 2021.
Mandel Ngan | AFP | Getty Images
President Joe Biden on Monday said he doesn’t expect the U.S. to impose additional travel restrictions to stem the spread of omicron. The U.S. on Monday began to temporarily bar visitors from South Africa, where scientists first reported the strain, and from Botswana, Zimbabwe, Namibia, Lesotho, Eswatini, Mozambique and Malawi. The degree of the variant’s spread will determine whether more travel restrictions are necessary, Biden said at a news conference. “I don’t anticipate that at this point,” he said. The president also said he doesn’t think lockdowns are necessary.
Headquarters of the Federal Trade Commission in Washington, D.C.
The Federal Trade Commission is investigating whether supply chain disruptions are hurting consumers with higher prices. The agency has ordered Walmart, Amazon and other major food suppliers to give detailed information about the situation. The goals of the study are to determine if supply chain problems have led to particular bottlenecks, anti-competitive practices or higher prices, the FTC said in a statement. The probe comes as the Biden administration battles a surge in inflation.
Originally posted 2021-11-30 12:40:57.