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Midway through trading Friday, the Dow traded down 2.60% to 34,873.25 while the NASDAQ fell 1.84% to 15,553.65 after a new COVID-19 variant was detected in South Africa. The S&P also fell, dropping 1.99% to 4,608.04.
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The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 48,999,730 cases with around 798,550 deaths. India confirmed a total of at least 34,555,430 cases and 467,460 deaths, while Brazil reported over 22,055,600 COVID-19 cases with 613,690 deaths. In total, there were at least 260,465,210 cases of COVID-19 worldwide with more than 5,202,500 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Health care shares gained by 0.1% on Friday. Meanwhile, top gainers in the sector included Adagio Therapeutics, Inc. (NASDAQ:ADGI), up 31% and Moderna, Inc. (NASDAQ:MRNA) up 26%.
In trading on Friday, energy shares fell 5.8%.
Top Headline
The European Medicines Agency's (EMA) human medicines committee (CHMP) recommended using Pfizer Inc (NYSE:PFE) - BioNTech SE's (NASDAQ:BNTX)'s COVID-19 vaccine, Comirnaty, for children between 5 to 11.
Pfizer-BioNTech's vaccine will be given in two 10-microgram doses three weeks apart as an injection in the upper arm, per the EMA recommendation.
Equities Trading UP
Allied Healthcare Products, Inc. (NASDAQ:AHPI) shares shot up 62% to $8.71. Shares of mask and protective apparel companies, including Allied Healthcare Products, traded higher amid concerns of a new COVID variant discovered in South Africa.
Shares of Cars.com Inc. (NYSE:CARS) got a boost, shooting 18% to $15.64. Cars.com will replace DSP Group in the S&P SmallCap 600 before the opening of trading on December 2.
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BioNTech SE (NASDAQ:BNTX) shares were also up, gaining 20% to $366.20. The European Medicines Agency's (EMA) human medicines committee (CHMP) recommended using Pfizer- BioNTech’s COVID-19 vaccine, Comirnaty, for children between 5 to 11.
Check out these big movers of the day
Equities Trading DOWN
Laredo Petroleum, Inc. (NYSE:LPI) shares tumbled 17% to $56.85 amid a dip in oil prices as concerns of a new COVID variant discovered in South Africa weigh on oil demand outlook.
Shares of Pinduoduo Inc. (NASDAQ:PDD) were down 18% to $66.89 after the company reported third-quarter FY21 revenue growth of 51% year-on-year to $3.3 billion, missing the consensus of $4.2 billion.
Callon Petroleum Company (NYSE:CPE) was down, falling 18% to $50.42 amid a dip in oil prices as concerns of a new COVID variant discovered in South Africa weigh on oil demand outlook.
Commodities
In commodity news, oil traded down 12.4% to $68.65, while gold traded up 0.8% to $1,798.80.
Silver traded down 0.9% Friday to $23.275 while copper fell 3.5% to $4.3035.
Euro zone
European shares were lower today. The eurozone’s STOXX 600 fell 3.23%, the Spanish Ibex Index fell 4.58% and the German DAX 30 dropped 3.55%. Meanwhile, the London’s FTSE 100 fell 3.27%, French CAC 40 dipped 4.41% and Italy’s FTSE MIB dropped 3.88%.
Car production in the UK dropped 41.4% year-over-year to 64729 in October, while consumer confidence in Italy fell to 117.5 in November from 118.4 in the prior month. Loans to households in the Eurozone increased 4.1% year-over-year in October.
Economics
The Fed's balance sheet report for the latest week is scheduled for release at 4:30 p.m. ET.
Check out the full economic calendar here
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.