U.S. stocks dropped sharply on Friday after WHO officials on Thursday warned of a new Covid-19 variant that’s been detected in South Africa.
The Cboe Volatility Index, often referred to as Wall Street’s “fear gauge,” rose to 28, its highest level in two months. Oil prices also tumbled, withTravel-related stocks were hit hardest with Carnival Corp. and Royal Caribbean down more than 10 percent apiece in early trading. United Airlines dropped 9 percent, Delta Air Lines and American Airlines were each down more than 7 percent. Boeing lost 6 percent. Marriott International fell more than 7 percent.
Industrials linked to the global economy declined led by Caterpillar off by 3.7 precent. Dow Inc. shed 3 percent.On the flip side, investors huddled into the vaccine makers. Moderna shares gained more than 16 percent. Pfizer shares added 5 percent. “It’s important to stress that very little is known at this point about this latest strain, including whether it can evade vaccines or how severe it is relative to other mutations. Therefore, it’s hard to make any informed investment decisions at this point,” Bespoke Investment Group’s Paul Hickey said in a note to clients. “Historically speaking, chasing a rally or selling into a sharp decline rarely ends up being profitable, but that isn’t stopping a lot of people this morning.
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