Wall Street stocks plummeted on Black Friday as investors reacted to new travel bans due to the discovery of a new variant of the coronavirus that causes COVID-19 in South Africa.
and Nasdaq Composite
All are at least 2% off on the day, the big US shopping day known as Black Friday that retailers traditionally consider the unlucky purchase of the year.
Looking under the hood, the damage was extensive.
S&P 500 energy sector
closed down 4% on crude oil prices
trade on the New York Mercantile Exchange see a double digit drop in percentage.
SPDR Fund for the Energy Sector
and Marathon Oil Corp.
Financial Sector of S&P 500
fell 3.3%. SPDR ETF for the financial sector
industry index tracker, which is being led by a decline in American Express Co.
Huntington Bancshares Inc.
Wells Fargo & Co.
However, those returns don’t provide much incentive for drug-related funds, including the Invesco Dynamic Pharmaceuticals ETF.
down 1.6%; iShares US Pharmaceuticals ETF
only 0.2% increase on the day; and SPDR S&P Pharmaceuticals ETF
The popular airline-linked exchange-traded fund US Global JETS, which is considered a good indicator of the market’s view of the progress out of pandemic-related restrictions and towards economic recovery , closed down 7.2%.
Aircraft maker Boeing Co.
shares less than 4%. Shares of American Airlines
plummeted stronger, losing 8.8%. Meanwhile, Expedia shares
9.5% off and United Airlines
transactions down nearly 10%.
A separate exchange-traded fund is sometimes used to express optimism about changes in activity tied to COVID restrictions, ETFMG Travel Tech ETF
fell 6.4% on Friday.
Transactions at home
However, some rental stocks outperform the broader market. Video conferencing company Zoom Video Communications Inc.
up 5.7%, while streaming massive Netflix
The Direxion Work From Home ETF,
and Progress Software Corp.
are the worst performers in the ETF.
Cryptocurrency prices are also on the rise.
has dropped 5% over the past 24 hours, trading at $54,840 mid-Friday on CoinDesk. The cryptocurrency is down more than 20% from its all-time high of $68,990 on November 10, meeting the general criteria for a bear market in the asset.
Payment procedures: Major Cryptocurrencies Drop in Price Amid Fears of New Coronavirus Variant
Meanwhile, the US dollar fell 0.7% in the session as measured by the ICE US Dollar Index
pulled it down from near a 16-month high.
https://www.marketwatch.com/story/the-u-s-stock-market-suffers-ugly-black-friday-selloff-here-are-the-biggest-losers-and-winners-11637952898?rss=1&siteid=rss The US stock market suffered a bad sell-off on Black Friday. Here are the biggest losers (and winners).