U.S. Markets sees Dip-Buying Again; Apple Falls
Stocks in the U.S. market moved back up after the biggest back-to-back selloff since October 2020, with dip buyers picking up some of the hardest hit shares.
Companies benefiting from the economic re-opening once again found power with travel and smallcaps rallying. Apple fell after telling its component suppliers that demand for the iPhone 13 lineup has weakened.
- Stoxx Europe is down by 1.14%
- Dow Jones is up by 1.16%
- NASDAQ is down by 0.17%
JPMorgan Says Buy the Dip as Omicron is start of Pandemic’s End
JPMorgan Chase & Co has said that it is time to position for a trend reversal in global equity and commodity trades. The analysts at JP Morgan remarked that while it is likely that Omicron is more transmissible, early reports suggest it may also be less deadly. This fits into the pattern of virus evolution observed historically, higher transmission with lower death rates.
Demand For iPhone 13 Lineup Falls, Says Apple
Apple has informed its parts suppliers that demand for the iPhone 13 lineup has fallen in the past weeks. The tech giant earlier said that it had cut production of iPhone 13 by about 1 crore units, down from its previous target of 9 crore units due to a global chip shortage. The shares of Apple are down by 3.3% in NASDAQ on Thursday.
Novavax Expects To Start Manufacturing Omicron-Specific Vaccine In January
Novavax said on Thursday that it is expecting to start commercial production of a COVID-19 vaccine specified for the Omicron coronavirus variant in January of 2022. Currently, the company is testing whether or not its current vaccine works against the variant. The lab data about the reaction of antibodies developed after Novavax’s current COVID-19 shot with the variant is expected next week.
Toyota to Sell Only Zero-Emission Cars in Europe by 2035
In a surprising move, Toyota, the world’s largest automaker by volume pledged to sell only zero-emission cars in Europe. The company is now part of a bigger climate change pledge in the European Union. Toyota and other group companies said that the bloc will have sufficient infrastructure in place for battery recharging and hydrogen refueling by this deadline.
Omicron Could Slow Global Economic Growth, Says U.S. Treasury Secretary
The U.S. Treasury Secretary Janet Yellen said on Thursday that the Omicron variant of COVID-19 could adversely affect global economic growth by the impact of supply chain problems and depressing demand. The words of Janet should be taken into fact, considering the economic slowdown caused by the Delta variant of COVID-19 earlier this year. According to the latest reports, in India 5 contacts of Karnataka Omicron patient has tested positive.