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Thu Nov 25, 2021, 10:59 PM

Dow futures plunge 400 points amid fears of new Covid variant found in South Africa

U.S. stock futures dropped in overnight trading on Thursday as investors geared up for a shortened trading day amid renewed Covid fears over a new variant found in South Africa.

Futures for the Dow Jones Industrial Average fell more than 400 points, while those for the S&P 500 and the Nasdaq 100 were both in negative territory.

The downward move in futures came after WHO officials on Thursday warned of a new Covid-19 variant that’s been detected in South Africa. The United Kingdom temporarily suspended flights from six African countries due to the variant.

Markets were closed on Thursday for Thanksgiving, so stocks are coming off of slight gains on Wednesday that staunched the week’s losses for the S&P 500 and Nasdaq Composite.

https://www.cnbc.com/2021/11/26/stock-futures-open-to-close-market-news.html

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Reply Dow futures plunge 400 points amid fears of new Covid variant found in South Africa (Original post)
Klaralven Nov 25 OP
Binkie The Clown Nov 26 #1
SoCalDavidS Nov 26 #2
Binkie The Clown Nov 26 #5
SoCalDavidS Nov 26 #6
left-of-center2012 Nov 26 #3
Tomconroy Nov 26 #4

Response to Klaralven (Original post)

Fri Nov 26, 2021, 12:09 AM

1. I love the way the financial press "connects" two things with no evidence whatsoever that...

they are actually connected.

There's no evidence whatsoever for a cause-effect relationship. They just name two events and imply that they are connected: "The downward move in futures came after WHO officials on Thursday warned of a new Covid-19 variant"

Might as well say "Stocks were generally lower today after Lindsay Lohan got a speeding ticket on the Hollywood Freeway."

"after" does not mean "caused", yet the morons who read those sentences fall for the deception every time.


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Response to Binkie The Clown (Reply #1)

Fri Nov 26, 2021, 01:03 AM

2. Are You Saying That News Of A New Variant Wouldn't Have An Impact On The Market?

It depends upon the timing. If Futures suddenly dropped after this specific news came out, then it's hardly a leap to suggest that the "news" had something to do with the decline.

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Response to SoCalDavidS (Reply #2)

Fri Nov 26, 2021, 10:50 AM

5. The current one is a lot less egregious than others I've seen in the past, but...

you are correct in stating that there MAY be a connection. But it's a huge leap of faith to go from "there MAY be a connection" to the implication that one is event is certainly the cause of the other.

If financial markets were that well understood then they would never surprise anyone, and we all know that's not the case at all.

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Response to Binkie The Clown (Reply #5)

Fri Nov 26, 2021, 12:06 PM

6. I'd Say That It Was 100% The Reason

Otherwise I guess you're saying that every single analyst who has commented in the last 12 hours, is wrong.

More worrisome is how vaccine resistant and contagious this new strain is. If it's not, then the market will recover in the coming weeks. Otherwise, we've got bigger problems.

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Response to Binkie The Clown (Reply #1)

Fri Nov 26, 2021, 01:08 AM

3. Britain and Australia are shutting down travel from that area

Seems to be of more concern than Lindsay Lohan getting a speeding ticket.

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Response to Klaralven (Original post)

Fri Nov 26, 2021, 02:28 AM

4. I predict that stock prices will fluctuate.

Here's a video of Louis Rukeyser from the week Wall Street lost 25 percent of it's value in a single day. It's a never to be forgotten lesson. Stick with it for ten minutes or so:

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