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Dow, Nasdaq 100 and S&P 500 Set to Open Sharply Lower on Fresh Covid-19 Scare

Dow, Nasdaq 100 and S&P 500 Set to Open Sharply Lower on Fresh Covid-19 Scare

Nick Cawley, Senior Strategist

US Stock Markets – Prices and Charts

  • Wall Street called 2.3% lower, Nasdaq seen opening 1.2% in the red
  • Worries over a new South African Covid-19 variant behind the sell-off.
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Black Friday is taking on a new meaning today as risk markets across the globe slump on fears that a newly-identified Covid-19 variant may force countries to re-introduce new vaccination restrictions or lockdowns. Financial markets are worried that the new Covid-19 strain detected in South Africa – Nu variant – may be more transmissible than the Delta variant, while current vaccines may be less effective against it. The World Health Organization (WHO) who warned of the new variant late Thursday, has called a special meeting today to discuss the latest outbreak.

Risk markets open the European session sharply lower, while traditional safe-haven assets received a strong bid, following the heavy losses seen in Asian equity markets overnight.

XAU/USD Forecast: Gold Prices Rebound as Covid-19 Fears Take Hold

Crude Oil Price Plummets as New Variant Triggers Risk-Off Sentiment

South African Rand Battered as UK Restricts SA Travel Ahead of the Holiday Period

Flows into safe-haven US Treasuries forced bond yields lower with markets now questioning the timing and number of interest hikes expected in the US next year.

Yields via

As of 12:00 GMT, Wall Street was seen opening around 830 points lower (-2.32%), the Nasdaq was seen 195 points lower (1.2%), while the S&P 500 is expected to open the session 87 points in the red (1.83%). On the other side of the risk spectrum, the VIX fear gauge is currently trading 12% higher at 23.30.

Dow Jones Daily Price Chart – November 26, 2021

Nasdaq Daily Price Chart November 26, 2021

S&P 500 Daily Price Chart November 26, 2021

How to Short Sell a Stock When Trading Falling Markets

What is your view on Equities – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.