Investors haven’t been doing so hot this week and we’re diving into this as we look at why stocks are down.
Easily the biggest factor behind why stocks are down this week is the Covid-19 Omicrom variant. News of the new coronavirus mutation sent markets into a tizzy are traders feared additional lockdowns and restrictions.
Talk about Omicron initially kicked off last week and saw some of the normal stocks take a hit. That airline and cruise stocks, such as American Airlines (NASDAQ:AAL), Delta Airlines (NYSE:DAL), and United Airlines (NASDAQ:UAL), as well as Carnival (NYSE:CCL), Royal Caribbean Cruises (NYSE:RCL), and Norwegian Cruise Line (NYSE:NCLH).
In that same vein, hotel stocks, including Marriott (NASDAQ:MAR), Hyatt (NYSE:H), and Hilton (NYSE:HLT), were also taking a beating earlier this week. The threat of diminishing business due to reduced travel really gave them a pounding. However, not all hope is lost.
President Joe Biden recently announced that there are no plans for any more lockdowns. That news seems to have alleviated investors’ fears as some of these travel stocks started to regain lost ground late in the week.
Inflation also continues to be a hot topic among traders and is likely part of the reason why stocks are down this week. Recently, Treasury Secretary Janet Yellen said it’s time to stop calling inflation “transitory.” Instead, she believes it could affect the economy for a long time due to the ongoing effects of the coronavirus pandemic.
Traders will want to continue tracking Omicorn and inflation as both seem to be factors that will affect stocks for some time.
Investors looking for more stock market news today are in luck!
InvestorPlace has all the most recent stock coverage that traders need for Friday. A few examples of that include what’s happening with shares of Ollie’s Bargain Outlet (NASDAQ:OLLI) stock, why Chinese stocks are falling, as well as the Smith & Wesson (NASDAQ:SWBI) news blasting shares. You can find all of that and more from the following links!
More Stock Market News for Friday
- OLLI Stock Alert: Why Ollie’s Bargain Outlet Is Getting Battered Today
- Chinese Stocks BABA, JD, BIDU Take Hit Thanks to Didi Delisting News
- SWBI Stock: Why Smith & Wesson Shares Are Getting Gunned Down Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.