Dow Jones Slips Over 600 Points As Omicron Fears Heighten; Nvidia, Tesla, Apple Dips, As Moderna Surges

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Stock Market Today Mid-Morning Updates

During Monday morning’s trading session the Dow Jones Industrial Average slipped more than 600 points, as fears of the omicron variant increase within the U.S and abroad. Shares of Moderna (NASDAQ: MRNA) moved higher this morning on news that its COVID-19 booster dose increased protection against the omicron variant. MRNA stock is currently trading at $295.28 as of 10:38 am E.T. On the other hand, tech stocks like Nvidia (NASDAQ: NVDA), Apple (NASDAQ: AAPL) and Tesla (NASDAQ: TSLA) all dropped sharply off the stock market open. 

Amid the Dow Jones Leaders, Microsoft (NASDAQ: MSFT) shares are down 0.83%, while Apple stock is down 1.26% in the stock market today. Furthermore, Nike (NYSE: NKE) is set to report earnings after the closing bell on Monday. 

Moving along, shares of electric vehicle maker Tesla have slipped 2.90% during Monday morning’s trading session. While competitors like Lucid Group (NASDAQ: LCID) and Rivian (NASDAQ: RIVN) have seen their shares fall 4.87%, and 4.23% respectively. 

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Dow Jones Today: Fears Of Omicron Variant Grow

Following the stock market open on Monday, the Dow, S&P 500, and Nasdaq futures are trading lower by 1.82%, 1.41%, and 1.58% respectively. Small-caps were hit hard Monday morning as the Russell 2000 dips by 2.40%. 

It was reported that countries like the Netherlands have started a lockdown on Sunday. Meaning all nonessential stores, restaurants and bars will now be closed until the middle of January 2022. Also, the U.K and a number of other European governments seem to be following suit. Specifically Germany and France have implemented new restrictions on travelers from the U.K. 

This past Friday, South Africa reported a significantly lower rate of hospitalizations amid the wave of the omicron variant, representing the variant might be less harmful than other variants we’ve seen. 

Nike To Report Earnings After Today’s Closing Bell

Among the hot names reporting earnings in the stock market today would be leading retailer Nike. With the retail titan set to host its most recent earnings call today. Currently, the consensus estimates sit at a revenue of $11.25 billion for the quarter on earnings per share of $0.63. Sure, these estimates would reflect a slow-down in Nike from its year-ago quarter.

However, investors are likely more interested in the company’s latest supply-chain update. This is important because Nike’s production operations were hit hard by re-surging coronavirus cases around the world. 

Source: TD Ameritrade TOS

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Micron Set To Report Earnings After Today’s Closing Bell

Semiconductor player Micron Technology (NASDAQ: MU) will also be reporting its latest quarterly results after the market close on Monday. The estimates on Wall Street expect the company to report revenues $7.6 billion on earnings per share of $2.10. This would reflect a year-over-year increase of 33% and 169%, respectively.

Source: TD Ameritrade TOS