'This is Not Going To Be Good': Moderna CEO's Omicron Warning Sends Markets Tumbling

November 30, 2021 6:24 AM EST
Get Alerts SPY Hot Sheet
Price: $441.95 +2.48%

Rating Summary:
    0 Buy, 0 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 16 | New: 32
Trade Now! 
Join SI Premium – FREE

Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.

European and Asian shares trade in the red this morning after Moderna’s (NASDAQ: MRNA) CEO Stephane Bancel said he expects the company’s vaccine to record lower protection against the COVID-19 Omicron variant than Delta.

"There is no world, I think, where (the effectiveness) is the same level . . . we had with Delta," Bancel told the Financial Times.

"I think it's going to be a material drop. I just don't know how much because we need to wait for the data. But all the scientists I've talked to . . . are like 'this is not going to be good'," Bancel added.

In the currency market, the dollar fell while the yen soared as the risk-off environment prevails across capital markets this morning.

"Market participants’ fears over a more disruptive outcome for the global economy have been reinforced overnight by comments from Moderna Inc. CEO," Mizuho strategists said in a client note.

Major US indexes rebounded yesterday in hopes existing vaccines will offer protection against the new variant. However, Bancel’s comments are likely to fuel risk-off trades today and in the coming days as investors fear that the global economy reopening will pause until newly updated vaccines are available.

Dow futures are down 1.3%, Nasdaq is trading 0.5% lower, while the S&P 500 is 1% in the red in pre-open Tuesday.

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Trader Talk

Related Entities

Standard & Poor's, Pre Market Movers