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Business

Wall Street slips as concerns rise of stricter China COVID curbs

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  • Dow down 0.13%, S&P 500 down 0.39%, Nasdaq down 1.09%
  • Disney jumps on Iger’s return as CEO
  • Grindr falls after rocketing in debut
  • Tesla down on vehicle recall, China COVID concerns

Nov 21 (Reuters) – Wall Street’s main indexes ended Monday roughly down on fears that China could resume stricter measures to fight COVID-19 after it said it faces its most severe test of the pandemic.

Beijing said on Monday it would shut businesses and schools in hard-hit districts and tighten rules for entering the city, as infections ticked higher.

“There is this fear that China might reinstitute some of the COVID restrictions that they’ve just purportedly started to lift,” said Carol Schleif, deputy chief investment officer at BMO Family Office.

U.S. casino operators with businesses in China including Wynn Resorts Ltd (WYNN.O), Las Vegas Sands Corp (LVS.N), MGM Resorts International (MGM.N) and Melco Resorts & Entertainment Ltd all fell at least 2%.

The Dow Jones Industrial Average (.DJI) fell 45.41 points, or 0.13%, to 33,700.28, the S&P 500 (.SPX) lost 15.4 points, or 0.39%, to 3,949.94 and the Nasdaq Composite (.IXIC) dropped 121.55 points, or 1.09%, to 11,024.51.

Trading volume was low on Monday, and likely to lessen towards the Thanksgiving holiday on Thursday, leaving markets more prone to volatility.

Volume on U.S. exchanges was 9.43 billion shares, compared with the 11.88 billion average for the full session over the last 20 trading days.

“If you want to blame a little bit of profit taking on some concerns on spikes in COVID cases, that’s fine,” said Jack Janasiewicz, lead portfolio strategist and portfolio manager at Natixis Investment Managers Solutions. “It gets really tricky because of volume.”

Stocks trimmed losses in early afternoon after the San Francisco Federal Reserve President Mary Daly commented that officials need to be careful to avoid a “painful downturn.”

Cleveland Fed President Loretta Mester echoed Daly, saying she supports a smaller rate hike in December.

The S&P 500 energy sector index (.SPNY) fell almost 3% on Monday to its lowest level in four weeks as oil prices tumbled more than 5% after a report that Saudi Arabia and other OPEC oil producers were discussing an output increase. The index, however, pared losses after Saudi Arabia denied talks about it.

Energy was the only major S&P 500 sector eying gains for the year, surging around 63%.

Walt Disney Co (DIS.N) jumped 6.30% after Bob Iger’s return as chief executive to the entertainment giant.

The S&P 500 extended its fall from the previous week when multiple Federal Reserve officials reiterated the central bank’s pledge to raise rates until inflation was in check, as investors now await the release of minutes from the Fed’s November meeting on Wednesday.

Traders are widely betting on a 50-basis point hike in the December meeting, with a peak for rates expected in June.

Among other stocks, Tesla Inc (TSLA.O) plummeted 6.84% after the electric-car maker said it will recall vehicles in the United States over an issue that may cause tail lights to intermittently fail to illuminate.

Gay dating app Grindr (GRND.N) tumbled 46.00% amid a broader market weakness, after skyrocketing in its debut on the New York Stock Exchange in the previous session.

Declining issues outnumbered advancing ones on the NYSE by a 1.27-to-1 ratio; on Nasdaq, a 1.60-to-1 ratio favored decliners.

The S&P 500 posted 9 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 96 new highs and 220 new lows.

Reporting by Carolina Mandl, in New York, Ankika Biswas, Shubham Batra and Shreyashi Sanyal in Bengaluru; Editing by Arun Koyyur, Shounak Dasgupta and Grant McCool

Our Standards: The Thomson Reuters Trust Principles.

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Business

Wall St slides as oil prices surge, Nasdaq confirms bear market

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  • Dow industrials confirm correction
  • Financial, travel shares lead declines
  • Energy stocks outperform broader market
  • Oil prices hit highest levels since 2008
  • Indexes down: Dow 2.37%, S&P 2.95%, Nasdaq 3.62%

March 7 (Reuters) – Wall Street’s main indexes fell sharply on Monday, with the Nasdaq Composite confirming it was in a bear market, as the prospect of a ban on oil imports from Russia sent crude prices soaring and fueled concerns about rising inflation.

Nasdaq ended down 20.1% from its Nov. 19 record high close, confirming the tech-heavy index has been in a bear market since hitting that record high, according to a widely used definition. That marks the Nasdaq’s first bear market since 2020, when the coronavirus outbreak crushed global economies.

The Dow Jones Industrial Average ended down 10.8% from its Jan. 4 closing record high, confirming it was in a correction. A correction is confirmed when an index closes 10% or more below its record closing level.

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Oil prices jumped to their highest levels since 2008 as the United States and European allies considered banning Russian oil imports, in response to the country’s invasion of Ukraine, while it looked less likely that Iranian crude would return swiftly to global markets.

Russia calls the campaign a “special operation”.

Energy (.SPNY), the standout S&P 500 group so far this year, was one of the only sectors logging a gain on Monday, rising 1.6%. read more

“That concern on oil has led to concerns on higher inflation and potential for stagflation,” said Mona Mahajan, senior investment strategist at Edward Jones. “I think there is just a broader concern that there may be a hit to growth from the consumer given higher prices at the pump.”

The Dow Jones Industrial Average (.DJI) fell 797.42 points, or 2.37%, to 32,817.38, the S&P 500 (.SPX) lost 127.79 points, or 2.95%, to 4,201.08 and the Nasdaq Composite (.IXIC) dropped 482.48 points, or 3.62%, to 12,830.96.

Amazon , Microsoft (MSFT.O) and Apple (AAPL.O) were among the top individual drags on the S&P 500 while the financials sector (.SPSY) fell 3.7%. The utilities sector (.SPLRCU), one of the defensive areas of the stock market, gained 1.3%.

Ukrainian officials said a bread factory had been hit by a Russian air strike as the country’s negotiators assembled for talks with Russian officials after previous rounds that brought no respite in the conflict. read more

Shares of United Airlines Holdings Inc fell 15% and Norwegian Cruise Line Holdings (NCLH.N) dropped 11.6%, among a broad downswing in travel and leisure stocks as the jump in oil prices threatened to disrupt a nascent recovery.

Stocks have struggled to start 2022 as concerns about the Russia-Ukraine crisis have deepened a sell-off initially fueled by worries over higher bond yields as the Federal Reserve is expected to tighten monetary policy this year to fight inflation. The S&P 500 marked its lowest closing level since June 2021.

“The market was already nervous about a Fed rate hike cycle,” said Burns McKinney, portfolio manager at NFJ Investment Group. “Now when you layer on higher energy prices on top of that… that has the investment community increasingly concerned that we may end up quickly moving toward the late stages of the market cycle.”

Investors are waiting for a U.S. consumer prices report on Thursday, with the Fed widely expected to hike rates later this month to combat surging inflation.

Declining issues outnumbered advancing ones on the NYSE by a 3.62-to-1 ratio; on Nasdaq, a 2.74-to-1 ratio favored decliners.

The S&P 500 posted 50 new 52-week highs and 69 new lows; the Nasdaq Composite recorded 63 new highs and 546 new lows.

About 17 billion shares changed hands in U.S. exchanges, compared with the roughly 13 billion daily average over the last 20 sessions.

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Reporting by Lewis Krauskopf, Stephen Culp and Caroline Valetkevitch in New York, Devik Jain and Sabahatjahan Contractor in Bengaluru; Editing by Sriraj Kalluvila and Lisa Shumaker

Our Standards: The Thomson Reuters Trust Principles.

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US

Omicron variant found in nearly one-third of U.S. states

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WASHINGTON, Dec 5 (Reuters) – The Omicron variant of the coronavirus has spread to about one-third of U.S. states, but the Delta version remains the majority of COVID-19 infections as cases rise nationwide, U.S. health officials said on Sunday.

Though the emergence of the new variant has caused alarm worldwide, Dr. Anthony Fauci, the top U.S. infectious disease official, told CNN “thus far it does not look like there’s a great degree of severity to it.” He added that it was too early to draw definitive conclusions and that more study is needed.

Fauci, U.S. President Joe Biden’s chief medical adviser, said he also hoped the United States would lift its ban on travelers from southern African countries in a “reasonable period of time.”

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The South African government has complained it is being punished – instead of applauded – for discovering the new variant and quickly informing international health officials.

Fauci, in an interview on CNN’s “State of the Union,” praised South Africa for its transparency and said the U.S. travel ban was imposed at a time “when we were really in the dark” and needed time to study the variant.

At least 16 U.S. states have reported Omicron cases: California, Colorado, Connecticut, Hawaii, Louisiana, Maryland, Massachusetts, Minnesota, Missouri, Nebraska, New Jersey, New York, Pennsylvania, Utah, Washington and Wisconsin, according to a Reuters tally.

Many of the cases were among fully vaccinated individuals with mild symptoms, although the booster shot status of some patients was not reported.

Despite several dozen Omicron cases, the Delta variant still accounts for 99.9% of new COVID cases in the United States, CDC Director Dr. Rochelle Walensky told ABC News in an interview.

“We are everyday hearing about more and more probable cases so that number is likely to rise,” she said.

The United States over the last seven days has averaged 119,000 new cases a day and lost nearly 1,300 lives to COVID each day, according to a Reuters tally.

Louisiana currently has one Omicron case from an individual who traveled within the United States, its health department said on Sunday.

Travellers check a departures list at the ticketing level of Seattle-Tacoma International Airport before the Thanksgiving holiday in Seattle, Washington, U.S. November 24, 2021. REUTERS/Lindsey Wasson/File Photo/File Photo

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On Saturday, it said a Norwegian Cruise Line Holdings Ltd (NCLH.N) cruise ship set to dock in New Orleans with more than 3,000 passengers found 10 cases of COVID-19 on board.

Officials said passengers on the Norwegian Breakaway, which stopped in Belize, Honduras and Mexico, would be tested and given the CDC’s post-exposure and quarantine guidelines. read more

The emergence of the new variant has sharply curtailed the number of energy executives and government ministers planning to attend the four-day World Petroleum Congress in Houston this week, which had already been rescheduled from 2020. read more

But travel restrictions and worries over the new variant saw energy ministers from Saudi Arabia, Kazakhstan, Qatar, Argentina, Equatorial Guinea, Greece, Turkey and Romania – bowed out, WPC officials said on Sunday.

Governors of two states with reported Omicron cases — Connecticut and Colorado — said they hoped their higher-than-average vaccination rates would blunt the impact.

“We want to see how well the vaccinations hold up,” Colorado’s Jared Polis told ABC.

As U.S. Omicron cases emerge, COVID-19 vaccine makers aim to quickly tweak their shots to target the variant and U.S. regulators have vowed speedy reviews, but that could still take months.

“Certainly, FDA (Food and Drug Administration) will move swiftly and CDC will move swiftly,” Walensky said.

Moderna Inc (MRNA.O) has targeted U.S. approval of an updated vaccine as soon as March, but company officials on Sunday said it will still take time to increase output. read more

Moderna Co-founder and Chairman Noubar Afeyan told CNN it would take another seven to 10 days to gather key data. Then, it “will take a good 60 to 100 days” to deploy an Omicron-specific shot, although other options like a higher dose of the current booster are being explored, he said.

U.S. government officials are also working with Pfizer Inc (PFE.N) and Johnson & Johnson (JNJ.N) on updated shots, while Pfizer and Merck & Co Inc (MRK.N) are pursuing COVID-19 pill treatments. read more

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Reporting By Matt Spetalnick and Susan Heavey; Additional reporting by Dan Whitcomb
Editing by Lisa Shumaker and Diane Craft

Our Standards: The Thomson Reuters Trust Principles.

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World

U.S. braces for surge of vaccinated international travelers

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WASHINGTON, Nov 7 (Reuters) – The United States is expecting a flood of international visitors crossing its borders by air and by land on Monday after lifting travel restrictions for much of the world’s population first imposed in early 2020 to address the spread of COVID-19.

United Airlines is expecting about 50% more total international inbound passengers Monday compared to last Monday when it had about 20,000.

And Delta Air Lines (DAL.N) Chief Executive Ed Bastian has warned travelers should be prepared for initial long lines.

“It’s going to be a bit sloppy at first. I can assure you, there will be lines unfortunately,” Bastian said, adding that “we’ll get it sorted out”.

Delta said in the six weeks since the U.S reopening was announced it has seen a 450% increase in international point-of-sale bookings versus the six weeks prior to the announcement.

White House spokesman Kevin Munoz said on Twitter “As we expect high demand when the US lifts its existing air and land travel restrictions Monday, we are taking critical steps to be prepared by providing additional resources.”

The Biden administration has held multiple calls with U.S. airlines to prepare for the influx of additional travelers that will begin arriving at U.S. airports and has warned travelers crossing from Canada and Mexico by land or ferry to be prepared for longer waits starting Monday.

For Bhavna Patel, a flight from London will take her to New York on Monday to see her first grandchild after more than a year of watching him grow via FaceTime.

Travelers wearing protective face masks to prevent the spread of the coronavirus disease (COVID-19) reclaim their luggage at the airport in Denver, Colorado, U.S., November 24, 2020. REUTERS/Kevin Mohatt/File Photo

The rules have barred most non-U.S. citizens who within the prior 14 days have been in 33 countries — the 26 Schengen countries in Europe without border controls, China, India, South Africa, Iran, Brazil, Britain and Ireland.

Trade group U.S. Travel said the countries accounted for 53% of all overseas visitors to the United States in 2019 and border communities were hit hard by the loss of tourists crossing from Mexico and Canada. The group estimates declines in international visitation “resulted in nearly $300 billion in lost export income” since March 2020.

U.S. airlines are boosting flights to Europe and other destinations that were impacted by the restrictions. Airlines are planning events on Monday with executives meeting some of the first flights.

Commerce Secretary Gina Raimondo and United Airlines President Brett Hart are holding an event at Chicago’s O’Hare International Airport Monday to mark the reopening.

U.S. officials plan an Instagram live chat on Nov. 9 to help answer questions.

Many international flights are expected to operate close to full or full on Monday, with high passenger volume throughout the following weeks.

Airlines will check vaccination documentation for international travelers as they currently do for COVID-19 test results. At land border crossings, U.S. Customs and Border Protection will ask if travelers have been vaccinated and spot check some documentation.

Children under 18 are exempt from the new vaccine requirements. Non-tourist travelers from nearly 50 countries with nationwide vaccination rates of less than 10% will also be eligible for exemption.

Also Monday, new contact tracing rules will take effect requiring airlines to collect information from international air passengers if needed “to follow up with travelers who have been exposed to COVID-19 variants or other pathogens.”

Reporting by David Shepardson

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World

CDC says unvaccinated young foreign travelers do not need to quarantine

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Passengers wait to check in at Tom Bradley international terminal at LAX airport, as the global outbreak of the coronavirus disease (COVID-19) continues, in Los Angeles, California, U.S., November 23, 2020. REUTERS/Lucy Nicholson

WASHINGTON, Oct 30 (Reuters) – The Centers for Disease Control and Prevention (CDC) said on Saturday that unvaccinated foreign nationals under the age of 18 traveling to the United States by air do not have to self-quarantine upon arrival.

CDC Director Rochelle Walensky on Saturday signed a revised order clarifying that foreign national children who have not been vaccinated against COVID-19 do not need to isolate for seven days upon arrival in the United States.

A CDC order issued on Monday had raised alarm among some foreign travelers that their children would need to quarantine for that long after arriving.

On Nov. 8, the United States is lifting the extraordinary travel restrictions that have barred most non-U.S. citizens who within the last 14 days have been in Britain, the 26 Schengen countries in Europe without border controls, Ireland, China, India, South Africa, Iran and Brazil. It is also imposing new rules requiring nearly all foreign adult air visitors to be vaccinated against COVID-19.

Airlines and others had pressed for the changes for foreign children, saying it would harm international tourism if children had to self-quarantine upon arrival. The exemption from self-quarantine also applies to unvaccinated foreign visitors who are part of clinical trials.

The CDC said earlier this week that non-tourist travelers from nearly 50 countries with nationwide vaccination rates of less than 10% will also be eligible for exemption from the vaccine requirement but will need to self-quarantine for seven days upon arrival.

Those receiving an exemption will generally need to be vaccinated within 60 days after arriving in the United States.

The CDC has said it will accept any vaccine authorized for use by U.S. regulators or the World Health Organization and will accept mixed-dose coronavirus vaccines.

On Friday, the Homeland Security Department said travelers should be prepared for “longer than normal wait times” starting Nov. 8 when the U.S. allows fully vaccinated tourists to cross land borders. The United States has barred non-essential travelers crossing land borders from Mexico and Canada since March 2020.

Reporting by David Shepardson
Editing by Sonya Hepinstall

Our Standards: The Thomson Reuters Trust Principles.

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World

U.S. to outline Nov. 8 international travel reopening, vaccination rules

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A U.S. flag is reflected on the floor as passengers make their way through Reagan National Airport in Washington, U.S., July 1, 2016. REUTERS/Kevin Lamarque/File Photo

WASHINGTON, Oct 25 (Reuters) – The Biden administration plans to unveil on Monday its detailed rules requiring nearly all foreign air visitors to be vaccinated against COVID-19 starting Nov. 8, sources told Reuters.

The White House first disclosed on Sept. 20 it would remove restrictions in early November for fully vaccinated air travelers from 33 countries.

The extraordinary U.S. travel restrictions were first imposed in early 2020 to address the spread of COVID-19. The rules bar most non-U.S. citizens who within the last 14 days have been in the United Kingdom, the 26 Schengen countries in Europe without border controls, Ireland, China, India, South Africa, Iran and Brazil.

The White House plans to outline the legal framework requiring COVID-19 vaccinations for most foreign air travelers replacing the current restrictions, as well as rules for exemptions from the requirements.

The Biden administration will also detail requirements airlines must follow to confirm foreign travelers have been vaccinated before boarding U.S.-bound flights.

The White House announced on Oct. 15 that the new vaccine rules would take effect on Nov. 8.

One concern among U.S. officials and airlines is making sure foreign travelers are aware of the new vaccine rules that will take effect in just two weeks.

The U.S. Centers for Disease Control and Prevention (CDC) plans to issue new contact tracing rules requiring airlines to collect information from international air passengers. The White House said earlier airlines will provide the information “upon request to follow up with travelers who have been exposed to COVID-19 variants or other pathogens.”

The CDC said this month it would accept any vaccine authorized for use by U.S. regulators or the World Health Organization and will accept mixed-dose coronavirus vaccines from travelers.

The new rules are expected to exempt minor children from the vaccine requirements, the sources said.

The Biden administration has also been discussing initially exempting citizens of a small number of countries with extremely low vaccination rates because of a lack of access to COVID-19 vaccines, the sources said, saying that would include enhanced testing requirements.

Foreign air travelers will need to provide vaccination documentation from an “official source” and airlines must confirm the last dose was at least two weeks earlier than the travel date.

International air travelers will need to provide proof of a negative COVID-19 test taken within 72 hours of departure. The White House said in September unvaccinated Americans will need to provide proof of a negative COVID-19 test within 24 hours of departing.

Reporting by David Shepardson; Editing by Simon Cameron-Moore

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