Oil prices and U.S. stock futures gained, indicating that markets might recoup some losses from Friday’s selloff, as investors bet that the impact of the Omicron Covid-19 variant can be limited by updates to existing vaccines.
Futures for the S&P 500 gained 0.9% Monday. The index suffered its worst one-day percentage decline since February on Friday after South Africa identified a fast-spreading strain of the coronavirus, which the World Health Organization has named Omicron. Contracts for the tech-focused Nasdaq-100 gained 1% Monday and futures for the Dow Jones Industrial Average added 0.7%.