The New York Stock Exchange will be open on August 19, 2021.
Wang Ying/ Xinhua.
The US stock market fell Tuesday, after a rebound the day before, amid renewed fears that the Omicron variant could derail the global economic recovery.
Moderna's CEO expressed reservations about the effectiveness of the company's vaccine against the new coronaviruses strain.
The downturn was led by the Dow Jones Industrial Average. The tech-laden Nasdaq-100 fell after closing higher in the previous session.
The US indexes were at 9:30 a.m. On Tuesday, it will be open.
As major global economies seem to be on the verge of a recovery, investors are trying to assess the threat and gravity of Omicron. The strain was considered a "variant of concern" by the World Health Organization because of evidence that it may increase the risk of reinfection with COVID-19.
Stephane Bancel, Moderna's boss, told the Financial Times Tuesday "there is no world in which vaccine effectiveness is the same against Omicron as against the Delta variant." It will likely take months for vaccine-makers to develop and distribute large numbers of effective shots.
BioNTech has yet to shed light on the effectiveness of their vaccine against Omicron. The director of the National Institute of Allergy and Infectious Diseases warned over the weekend that the US might enter a fifth wave of infections.
Craig Erlam, senior market analyst at Oanda, said that the whipsaw price action could become a regular feature over the next couple of weeks. "For now, markets will be very sensitive to the fact that vaccines may not protect us this winter as much as we hoped."
After the largest Black Friday selloff since 1931, the stock market rebounded Monday. Many analysts have maintained their upbeat forecasts for the stock market.
The recent rise in COVID-19 cases and the emergence of the Omicron variant pose downside risks to employment and economic activity and increased uncertainty for inflation, according to prepared comments by the Federal Reserve Chair.
The yield on the 10-year Treasury note fell to 1.448% from Monday's 1.529%.
All of the previous day's gains were erased by Tuesday's oil prices. The price of West Texas Intermediate crude oil fell. The international benchmark for oil fell by 3% to $71.03 per barrel.
The Organization of the Petroleum Exporting Countries is expected to make a decision on whether to pause supply increases or not.
The price of gold rose as much as 0.49%.
Business Insider has an original article.
