U.S. stock futures and crude oil prices slumped on Nov. 30 amid a broader risk-off pivot in markets after Moderna’s CEO said that existing vaccines will be far less effective against the Omicron variant. Tradingview market data from around 5:15 a.m. New York time suggested Wall Street’s main indexes were poised to drop on opening bell…
US Stock Futures, Oil Sink After Moderna CEO Says Existing Vaccines Less Effective Against Omicron
Global Jet Fuel Demand Under Pressure From Omicron, Border Curbs
November 30, 2021
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Global jet fuel markets stayed under pressure on Tuesday as more countries expanded border restrictions to keep the new Omicron coronavirus variant at bay, prompting travelers to reconsider their plans. Jet fuel demand—the biggest laggard in the oil complex—had been forecast to post the strongest growth of 550,000 barrels per day to 5.9 million bpd…
Musk Laments ‘Supply Chain Nightmare’ Facing Cybertruck Production
November 30, 2021
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Tesla Chief Executive Elon Musk on Monday lamented the ongoing supply chain difficulties facing the release of the company’s much-delayed Cybertruck and said he will share updates about the new electric vehicle when the company reports its 2021 earnings. “Oh man, this year has been such a supply chain nightmare & it’s not over!” Musk said in a…
US Travel Group Urges Biden to Rethink Omicron Travel Bans
November 29, 2021
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The U.S. Travel Association, which represents some 1,100 businesses in America’s $1.5 trillion travel industry, is urging President Joe Biden to reconsider imposing a travel ban in response to Omicron, the new CCP (Chinese Communist Party) virus variant. In a Nov. 29 statement, the association said it “respectfully urges the Biden administration to revisit the…
Ryanair CEO Says Omicron No Reason to Cancel Flights
November 29, 2021
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LISBON—Ryanair Group Chief Executive Michael O’Leary said on Tuesday he saw no reason to cancel flights because of the Omicron variant of the coronavirus and his airline’s flights were heavily booked for the next few weeks. “We are not cancelling any flights … I don’t see that (Omicron) as a justifiable reason to prevent people…
Tech Rally Lifts Wall Street From Omicron-Driven Rout
November 29, 2021
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Bargain buying in technology stocks drove Wall Street higher on Monday following a slump related to Omicron, while the Dow Jones lagged its peers as major banks fell and investors awaited more information on the new coronavirus variant. The S&P technology subindex jumped 2.1 percent, indicating that investors were likely favoring pandemic-resistant technology stocks amid…
Walmart Veteran Biggs to Step Down as CFO Next Year
Walmart Inc. said on Monday longtime executive Brett Biggs will step down from his role as chief financial officer of the world’s largest retailer next year. Biggs, the finance chief since 2015, helped oversee a period of rapid change at Walmart as the brick-and-mortar retailer launched and expanded a number of initiatives to help fend…
Durable Goods Orders Fall for Second Straight Month
A recent government report suggests that the $5.9 trillion U.S. manufacturing sector is facing some headwinds, as orders for durable goods, such as cars, computers, and appliances fell for the second straight month in October. The report showed new orders declining 0.5 percent in October 2021, following a 0.4 percent drop in September 2021, representing…
‘Omicron’ the Cryptocurrency Rides New Variant Rollercoaster
November 29, 2021
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LONDON—As global markets fell last week on news of the new Omicron coronavirus variant, one cryptocurrency with the same name soared after the Greek letter entered the investor lexicon. The price of the hitherto-obscure digital token, whose Twitter feed has little more than 1,000 followers, rose almost ten-fold from Friday to Monday morning when it…
Pending Home Sales Jump by Forecast-Beating 7.5 Percent in October, Reversing September Decline
November 29, 2021
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U.S. pending home sales rose sharply in October, beating forecasts and reversing a September decline as prospective homebuyers sought to lock in sales before an anticipated rise in mortgage rates and fast-rising rents, according to the National Association of Realtors (NAR). The association’s Pending Home Sales Index (PHSI), which is based on contract signings and serves…
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