Omicron, the latest COVID variant, sent panic through Wall Street over the holiday weekend. CNN reports the Dow suffered its worst day in over a year on Friday. However, it did rebound Monday morning. While some U.S. investors are less spooked by Omicron, global markets are down this morning and are bracing for a nervous week ahead. On the flip side, the news of a new strain has sent gold and silver prices higher.

 

Kitco News/Jim Wyckoff
Gold, silver see modest price gains; markets less spooked

Gold and silver prices are firmer in early U.S. trading Monday, on some safe-haven demand and short covering by futures traders as the marketplace is not as panicky as seen on Friday, but by no means upbeat, either. February gold was last up $6.00 at $1,794.00 and March Comex silver was last up $0.11 at $23.25 an ounce.

The marketplace is a little less spooked about the new Omicron strain of Covid than it was Friday, but by no means can trader and investors attitudes be termed upbeat to start the trading week. Reports now say the Omicron strain may be more mild than the previous ones, and that vaccines are likely to work on the new variant but may need tweaking. Still, right now there are more questions than answers on the matter and that’s likely to keep market participants on edge for at least the near term. That’s bullish for safe-haven assets like gold, the U.S. dollar and U.S. Treasuries. Some countries have closed their borders to foreigners, even though the World Health Organization says that’s premature. More than a few market watchers say the Omicron scare is overblown and markets are likely to settle down quickly.

You can read the full story, here.

 

Yahoo Finance/Brian Sozzi
The Omicron variant and the stock market: Morning Brief

I am not a doctor. I will venture to say that most of you reading this aren’t doctors, either.

So all we could collectively do after Friday’s market beatdown is assess incoming information on the Omicron variant to the best of our ability and go from there.

….

In the near-term, we are likely to witness a sell first, ask questions later type of backdrop for the stock market. The bull thesis on stocks — a global economic awakening powered by COVID-19 vaccinations — is temporarily on hold. If you own airline stocks such as Delta Air Lines and JetBlue Airways, more pain is probable. Same goes for hotel stocks Hilton and Marriott. The hedges here are the pandemic plays like Zoom and Moderna.

Continue reading, here.

 

CNN Business/Michelle Toh and Mark Thompson
Global markets brace for a nervous week over Omicron concerns

Stocks in Asia fell on Monday while European markets and US futures edged higher as investors continued to digest news about a new Covid-19 variant.

Japan’s Nikkei 225 (N225) was down about 1.6%, while Hong Kong’s Hang Seng Index (HSI) had dipped about 1% by 3.30 a.m. ET. China’s Shanghai Composite (SHCOMP) was flat.
European markets opened higher, rebounding slightly from heavy losses on Friday, when the emergence of the Omicron variant shook global markets. In early trade, London’s FTSE 100 (UKX) index was up more than 1%, with the French CAC 40 (CAC40) and the German DAX (DAX) seeing similar gains.

US stock futures were also pointing to a higher open on Wall Street after the Dow suffered its worst day in over a year on Friday.

Keep reading, here.

 

 

 

 

 

 

 

 

60 Years Experience

REQUEST YOUR FREE
GOLD IRA GUIDE