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Here are the top news, trends and analysis investors need to start their trading day
1. Dow futures plunge sharply as omicron fears rear their heads
A trader works on the floor of the New York Stock Exchange (NYSE) as it begins trading on Monday after global stocks plunged Friday amid fears of the new ommicron Covid variant set to hit New York on November 29, 2021. York City in South Africa has been discovered.
Spencer Platt | Getty Images
Stocks recovered Monday, with the Nasdaq rising nearly 1.9%, the S&P 500 rising 1.3% and the Dow Jones Industrial Average rising nearly 0.7%. Wall Street came out of a holiday-shortened session Friday, in which all three benchmarks fell more than 2% as Omicron went public. Heading into the last day of November, the Dow was lower for the month, while the S&P 500 and Nasdaq were higher for the month.
2. Fed’s Powell to Tell Senate New Variant Poses Risk to Economy
Federal Reserve Chair Jerome Powell testifies during a Senate Committee on Banking, Housing and Urban Affairs hearing on the CARES Act, at the Hart Senate office in Washington, DC, US, on September 28, 2021.
Kevin Dietsch | Reuters
Chairman of the Federal Reserve Jerome Powell will tell a Senate Banking Committee hearing Tuesday that he believes the omicron variant and a recent rise in coronavirus cases pose a threat to the U.S. economy and cloud an already uncertain inflation outlook. “Increased concerns about the virus could reduce people’s willingness to work personally, which would slow progress in the labor market and amplify supply chain disruptions.” Treasury Secretary Janet Yellen joins Powell for their quarterly report to Congress as part of the March 2020 Covid economic aid legislation. House Financial Services Committee on Wednesday.
3. FDA Panel Considers Merck’s Covid Antiviral Pill
Merck’s experimental Covid-19 treatment pill, called molnupiravir
MERCK & CO INC | via Reuters
A panel of expert advisors to the Food and Drug Administration they are expected to vote Tuesday on whether or not to recommend approval of Merck’s antiviral Covid pill. The US drugmaker reported Friday that the drug’s efficacy in reducing hospitalizations and deaths has fallen to 30% with data available from more than 1,400 patients in its late-stage trial. It had reported a reduction of about 50% a month ago based on data from 775 patients. Analysts said they still expect the Merck drug and a similar oral treatment from Pfizer to be approved as important therapeutic tools to be taken at home once Covid symptoms develop.
4. Biden Says He Doesn’t Expect More Travel Restrictions, Lockdowns
US President Joe Biden makes comments to provide an update on the Omicron variant in the Roosevelt Room of the White House in Washington, DC on November 29, 2021.
Mandel Ngan | AFP | Getty Images
5. FTC Orders Walmart and Amazon to Provide Supply Chain Information
Federal Trade Commission Headquarters in Washington, DC
Kenneth Kiesnoski/CNBC
The Federal Trade Commission is investigating or supply chain disruptions harm consumers with higher prices. The agency has ordered Walmart, Amazon and other major food suppliers to provide detailed information about the situation. The purpose of the investigation is to determine whether supply chain issues have led to certain bottlenecks, anticompetitive practices or higher prices, the FTC said in a statement. The inquiry comes as the Biden administration battles a rise in inflation.
— Reuters contributed to this report. Follow all market actions like a pro CNBC Pro. Get the latest news about the pandemic with CNBC’s Coronavirus Coverage.
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