Wednesday,
December 1, 2021
Market recap
Dow Jones
34,484.38
-651.56 (-1.85%)
S&P 500
4,566.96
-88.31 (-1.90%)
Nasdaq
15,537.69
-245.14 (-1.55%)
Top Story
US Stocks Fall on Powell’s Comments and COVID-19 Concerns
US stocks fell Tuesday as concerns mounted about the Omicron variant of COVID-19. There are still many unanswered questions about the severity of the variant, how transmissible it is, and more.
Drugmakers are warning that their vaccines and treatments likely will not be as effective against the Omicron variant as they are against other strains of the virus. Moderna (MRNA) said its vaccine may not be as effective against the new variant and that it could take months for a new, more effective shot to be available to the public. Meanwhile, Regeneron Pharmaceuticals (REGN) said that, based on early tests, its COVID-19 antibody treatment likely will have a more difficult time fighting the new variant.
Travel industry stocks, including Expedia (EXPE) and American Airlines (AAL), tumbled. Oil prices also fell. West Texas Intermediate (WTI) crude futures were down 5.4%, hitting $66.16 per barrel.
In company-specific news, shares of Gap (GPS) and Under Armour (UAA) dropped due to disappointing Cyber Monday sales. Shares of Twitter (TWTR) also fell as investors continued to mull the news that Jack Dorsey is stepping down as CEO of the social media company.
Company Won’t Allow Remote Work?
SoFi’s Hamaria Crockett shares tips and tricks for how to feel empowered to negotiate when your company announces a no-remote work policy.
A Few Headlines That Should Be on Your Radar
Stocks Fall on Omicron Variant Concerns and Questions About the Fed’s Plans The threat from the Omicron variant and rising inflation could prompt the Federal Reserve to wind down its bond-buying program faster than expected. That sent stocks plunging yesterday. During testimony before a Senate committee, Fed Chairman Jerome Powell said the potential move is in response to the economy’s recovery and rising inflation. Read more >> Coal Prices Soar as Inventory Falls Peabody Energy (BTU), Consol Energy (CEIX), and other coal-mining companies’ business is booming as demand for coal outstrips supply. Power plants’ supplies of coal are at lows not seen since the 1970s. The push to build up supply ahead of the winter has sent prices of domestic thermal soaring to 10-year highs. Read more >> The FTC Seeks Supply Chain Intel from Nation’s Retailers The Federal Trade Commission is seeking information from some of the nation’s top retailers to understand how they have weathered the supply-chain chaos. The request for documents is not a formal inquiry but is part of FTC research to see if supply-chain delays have led to anticompetitive practices. The agency is also trying to learn what caused the global supply-chain chaos that has hurt the economic recovery. Read more >> Navigating The (Eventual) Office Reopening As companies once again reassess when, or if, there will be a return to the office, employees need to stay agile. Read more >>What to Be on the Lookout for Today
- The ADP Employment Report for November will be published. This metric comes from Automatic Data Processing, Inc., a company that handles private payroll for about one fifth of all private employment in the US.
- Constellation Brands, which owns beer and other alcohol labels including Modelo and Corona, will share its latest results. Its sales to bars and stadiums tumbled, while its sales of alcohol which people consumed at home jumped. Investors will want to hear about Constellation Brands’ plans for dealing with another potential wave of COVID-19 infections this winter.
Career Planner Tip of the Day
“When you talk with a variety of people, you are not only building a more diverse network, but you are gaining access to different perspectives, opinions, and cultures.”
Ashley Stahl, Career Expert at SoFi