Wall Street indexes and Apple stock posted strong gains in early Monday trading as investors rushed to take advantage of Friday’s steep losses over Omicron COVID variant fear.
All three major indexes slumped between 2.0% and 3.5% on Friday after news of the coronavirus variant triggered a global sell-off, as countries introduced new travel curbs on fears the Omicron variant could resist vaccinations and upend a nascent economic reopening.
Nasdaq premarket indicators rose the most among their peers, indicating investors were likely favoring pandemic-resistant technology stocks.
Travel stocks, among the worst hit during Friday’s sell-off, marked strong premarket gains. Shares of major airline operators rose between 0.7% and 3.5% after plummeting 3% to 9% on Friday.
Major bank stocks bounced back tracking a recovery in Treasury yields, but concerns over the Omicron variant saw investors pricing in a potential delay to interest rate hikes by the Federal Reserve next year.
MacDailyNews Take: Use predictable irrationality to your advantage.
The real virus is the panic. #coronavirus #CoronavirusOutbreak @elonmusk
#marketcrash #marketcrash2020 https://t.co/tONjs0PgUc pic.twitter.com/42d8JCS4Js— MacDailyNews (@MacDailyNews) March 9, 2020
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