COVID resurgence in Europe weighs on oil, stocks

Yahoo Finance’s Ines Ferre provides market insight as COVID resurfaces in Europe.

Video transcript

AKIKO FUJITA: Let’s turn our attention to market action. As we said at the top of the show, not much of a reaction to the developments in Washington, largely because there have been concerns about the resurgence of COVID cases in Europe, with Austria now imposing a locking. It spills over into the commodity space. And we’re seeing both WTI Crude and Brent drop below that $ 80 handle. Let’s call on Ines Ferre from Yahoo Finance, who is watching the action for us today. Ines.

INES FERRE: And Akiko, Brent crude and WTI are on track for a fourth straight week of decline. If we take a look at our YFi interactive whiteboard, take a look at WTI right now. This is down more than 3%. As you mentioned, much of this has to do with Austria’s nationwide lockdown, fears of a slight increase in COVID-19 cases in Europe. And that also bleeds into the stock market when it comes to travel stocks. So we are monitoring the travel industry.

Take a look here, a little red we see. We’re also seeing Airbnb drop by over 4%, but we’re watching for cruise liners that are under pressure. Some airlines are under pressure. And this also despite the fact that the FDA is authorizing the COVID booster injections for Moderna and also Pfizer. So Moderna today, up over 4% on this news. You have Pfizer, it’s up 4/10 percent. But earlier it was up more than 1%, with Pfizer reaching new highs.

I want to check the action of the sector because we are watching the cyclicals that are under pressure. We have declines in energy, financial, industrial which are declining. You are witnessing a return to technology. You have the technology, the consumer discretionary that’s in the green. And if we take a look at the NASDAQ 100, some of the big names here, we have Apple reaching new heights today. We also follow Alphabet, which has reached new heights, as well as Microsoft. Facebook up more than 3% and NVIDIA is now reaching new heights.

And I also want to mention another new high today, in addition to Intuit, which is up over 9%. The financial software company released its quarterly results, which was a pretty spectacular quarter. In addition, his forecasts exceeded expectations. Many of the acquisitions the company has acquired, companies over the past two years, have contributed to results. Akiko, Jared.

AKIKO FUJITA: Alright, Ines Ferre is leading us through the action this Friday.


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Felix J. Dixon