Stock Futures, Oil Drop on Concerns Over New Covid-19 Variant – The Wall Street Journal

Stocks, oil prices and government-bond yields slumped after South Africa raised the alarm over a fast-spreading strain of the coronavirus, triggering concern about the potential for travel restrictions or other curbs that could limit economic activity.

Futures pointed to losses of about 1.8% for the S&P 500 and 2.1% for the Dow Jones Industrial Average when the U.S. stock market opens for a holiday-shortened trading session Friday. Brent crude slid 5.8% to under $77 a barrel, putting the global energy benchmark on track for its biggest one-day loss since July, amid concerns that potential limits on movement could reduce demand for transportation fuels. Bitcoin skidded 6.7% to less than $55,000.

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