Dow plummets 540 pts premarket

Tuesday, 30. November 2021 10:24

Equities on Wall Street traded lower in the premarket session on Tuesday, as investors continue to analyze the potential repercussions of the new Omicron coronavirus variant.

As pharmaceutical companies warn that current COVID vaccines are less effective against the new variant, United States President Joe Biden urged caution and not panic in the wake of the development. Moreover, Federal Reserve Chair Jerome Powell noted that the new variant raised inflation uncertainty.

The Dow Jones dropped over 540 points, before settling a bit to trade 1.50% or 529 points lower at 4:22 am ET. The Nasdaq 100 and the S&P 500 also registered losses a minute later, declining 0.62% and 1.26% respectively. The euro gained 0.73% on the dollar to trade for $1.13611 at 4:23 am ET.

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