Global and U.S. stocks tumbled on Friday with the worst post-thanksgiving Black Friday in over 70 years to extend losses during the week after the discovery of a “dramatically” new, heavily-mutated vaccine-resistant coronavirus variant shook market sentiment, with commodity/oil, travel, and banking stocks leading the sell-off. The little-understood B.1.1.529 “Omicron” variant, first identified in Botswana,…
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Global stock markets and FX encountered choppy trading, wild swings in prices and heightened volatility during the week with the strongest U.S. dollar in 16 months, driven by another round of national lockdown in Austria amid record new infections spreading in Europe, increased inflationary pressure and traders bringing forward bets for the Fed to hike…
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U.S. stocks retreated during the week as inflationary pressures continued to reverberate through markets, with MSCI ACWI All World index +0.05%, S&P 500 -0.3%, NASDAQ -0.7%, Russell -1%, and ARKK Innovation ETF -3.1%. Inflation-sensitive consumer discretionary stocks led declines after a Wednesday report showed October’s CPI accelerated at 6.2% yoy, the fastest pace in three…
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Robust corporate earnings, stronger-than-expected October U.S. employment report, encouraging results from Pfizer’s COVID-19 pill study, and reassurances from the world’s large central banks that interest rates will remain at historic lows for a little while longer have combined to propel markets to record highs, led by economically-sensitive Cyclicals during the week, while China continues its…
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