Stock futures tumble again as Moderna CEO predicts existing vaccines will be less effective against omicron variant

U.S. stock futures fell again on Tuesday after Moderna chief executive Stéphane Bancel predicted that the current vaccine would be less effective than the new omicron variant of COVID.

How to trade stock index futures?
  • S&P 500 futures

    down 0.8% to 4,610

  • Dow Jones Industrial Average Futures

    down 402 points, or 1.1%, to 34,672

  • Nasdaq-100 futures

    down 0.5% to 16,315

On Monday, the Dow Jones Industrial Average

ended up 236.60 points, or 0.7%, at 35,135.94, the biggest single-day gain in a month and a percentage daily gain since October 15, according to Market Data. Dow Jones School. S&P 500 Index
+ 1.32%

rose 1.3%, or 60.65 points to 4,655 for the biggest percentage gain and point since Oct. 14.

Nasdaq Synthesis
+ 1.88%

up 291.18 points, or 1.9%, at 15,782.83, the best increase since May 14.

What drives the market?

Just like the market seems to be finding their place after worst session in over a year on Friday, disappointing comment from vaccine maker Moderna’s
+ 11.80%

The CEO’s outlook for a vaccine against the new omicron variant has put them back in limbo.

“There is no world, I think, where [the effectiveness] is the same level… we had with delta, ”Bancel told the Financial Times in an interview published early Tuesday. He said the scientists he was talking to expected a “significant reduction” in the effectiveness of current vaccines against omicrons.

Bancel cites the much higher number of mutations on the mutant protein of the omicron variant and the rate at which it is now spreading across Africa as reasons. He predicts that it will take several months for vaccine manufacturers to mass produce effective vaccines against omicrons.

“His tone contrasts with people like Pfizer

and BioNTech
+ 4.17%

who suggested that any new vaccine could be modified fairly quickly. Michael Hewson, chief market analyst at CMC Markets, said his rather outspoken comments have also seen oil prices plummet, as increasingly turbulent markets react to concerns about the outlook. further restrictions and lower demand.

Bancel’s comments come a day after President Joe Biden said omicron was worried, but had no reason to panic and fight it. will not involve “shutdown or lockout.”

Causing Friday’s sell-off, crude oil prices fall


2.7% to $68.06 a barrel, as investors seek shelter in gold
+ 0.53%

and government bonds, with yields on 10-year Treasury bills

down 6 basis points to 1.4715%.

“As we look ahead to the end of the week, the market drop this morning suggests sentiment will be very volatile until we have a clearer idea of ​​what happens,” Hewson said. next when it comes to the new variant. Stock futures tumble again as Moderna CEO predicts existing vaccines will be less effective against omicron variant


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