US stock futures rise after Friday’s omicron-induced sell-off

Crude oil futures prices also recovered on Sunday from Friday’s plunge, with US crude benchmarks
CLF22,
+ 4.67%

and Brent crude oil
BRNF22,
+ 3.95%,
international standards, are leaping forward.

On Friday, Wall Street experiences its worst day in over a year amid growing concerns about the novel omicron variant of COVID-19. The World Health Organization’s technical advisory group on Friday declared it a “worrying variant” and that several countries have imposed flight bans from countries in southern Africa, where the virus has spread. was discovered for the first time.

Little is known about omicron, but investors on Friday braced for bad news.

Read: US health officials call for caution, but not panic, for the omicron . variant

In a short holiday session, the Dow Jones Industrial Average
DJIA,
-2.53%

fell 905.04 points, or 2.5%, to 34,899.34, with the index recording its worst daily drop since October 28, 2020, according to FactSet data. S&P 500
SPX,
-2.27%

fell 106.84 points, or 2.3%, to 4,594.62, and the Nasdaq Composite
COMP,
-2.23%

down 353.57 points, or 2.2%, to 15,491.66.

“Pandemic and COVID variants remain among the biggest risks to the market and are likely to continue to cause volatility over the coming year(s),” said Keith Lerner, co-head of investment and market strategist at Truist Advisory Services, wrote in a note Friday. “It is difficult to say at this point how this latest variation will have an impact or long-term impact on the markets.”