Jasmine Andrade
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Key Advisors Group LLC co-owner Eddie Ghabour weighs in on the market selloff and his market outlook for 2022.
U.S. stocks plunged Monday as the rapid spread of the omicron variant continues to worry investors who fear the new surge could hamper economic growth.
The Dow Jones Industrial Average fell 636 points, or 1.80%, while the S&P 500 index and Nasdaq Composite index declined 1.73% and 1.88%, respectively.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 34807.4 | -558.04 | -1.58% |
| SP500 | S&P 500 | 4551.91 | -68.73 | -1.49% |
| I:COMP | NASDAQ COMPOSITE INDEX | 14928.798909 | -240.88 | -1.59% |
Oil is also taking a hit from omicron fears and demand concerns, falling 5.14% to $67.22 per barrel. Energy, cruise line and airline stocks are also under pressure on Monday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| XOM | EXXON MOBIL CORP. | 58.82 | -1.18 | -1.97% |
| RCL | ROYAL CARIBBEAN GROUP | 72.07 | -0.33 | -0.46% |
| CCL | CARNIVAL CORP. | 18.75 | +0.47 | +2.60% |
| NCLH | NORWEGIAN CRUISE LINE HOLDINGS LTD. | 20.39 | +0.04 | +0.22% |
| UAL | UNITED AIRLINES HOLDINGS INC. | 40.77 | -0.01 | -0.04% |
| DAL | DELTA AIR LINES INC. | 36.33 | -0.21 | -0.59% |
| LUV | SOUTHWEST AIRLINES CO. | 39.31 | -0.34 | -0.86% |
| JBLU | JETBLUE AIRWAYS CORP. | 13.63 | -0.28 | -1.98% |
A brighter spot in the cruising industry is Carnival, whose shares are up more than 2% after announcing it expects a profit in the second half of 2022. Carnival’s advance bookings for the second half of 2022 and 2023 are at high levels and prices relative to 2019, the company said.
STOCK AND BOND TRADING HOURS THIS WEEK
Despite the economic uncertainty surrounding the new variant, reassuring preliminary data released by Moderna suggests that its booster doses will be effective against the variant.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MRNA | MODERNA INC. | 282.46 | -12.34 | -4.19% |
| PFE | PFIZER INC. | 61.10 | +1.62 | +2.72% |
Moderna shares are up nearly 5% during Monday’s trading session, while competitor Pfizer is up 3%.
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On the earnings docket, Nike and Micron Technology will deliver results after the bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NKE | NIKE INC. | 156.33 | -5.06 | -3.14% |
| MU | MICRON TECHNOLOGY INC. | 81.55 | -1.45 | -1.75% |
In economic news, the Conference…
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