Dow Jones futures continued to decline today. The latest has dropped more than 400 points, indicating that Wall Street stocks will be lower tonight. Amid concerns about the impact of the COVID-19 epidemic Omicron species
At 8:02 pm Thai time, the Dow Jones Industrial Average is down 420 points or 1.20% to 34,657 points.
The Dow Jones Industrial Average closed more than 200 points overnight. After President Joe Biden confirmed that The United States has no plans for an economic lockdown to curb the spread of COVID-19. Omicron species. In addition, the market was also supported by investors buying speculative spoons after the market fell heavily last week.
Group stocks that benefit from the opening of the economy, such as airlines and cruise business They fell in pre-market trading today.
Stefan Banzel, chief executive of Moderna, Inc., said current vaccines would be less effective at protecting against COVID-19. Omicron species with a warning that Pharmaceutical companies can take months to produce a new vaccine that will adequately protect against Omicron strains.
Several news outlets have released advance statements released by Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen. He will address the Senate Banking Committee today at 10:00 a.m. or 10:00 p.m. U.S. time before addressing the House Financial Services Committee tomorrow.
Powell and Ms Yellen are scheduled to report to Congress every quarter. This is part of the economic rehabilitation law that came into force in March 2020. The report also covers the Fed’s emergency lending program.
The media reported that Powell had forecast the US economy to grow by 5% this year, but the coronavirus pandemic Omicron strains pose a risk to economic recovery. It will affect employment and economic activities. While the US will face high inflation for a longer time than expected.
“It is difficult to predict how long the inflation and supply impacts will be. But what is evident now is that inflation will remain in an uptrend until next year. And higher wages will also drive higher inflation.”
“Concerns about the increasing number of coronavirus cases and the epidemic of Omicron strains will make people do not want to return to work This situation will cause the labor market to slow down. and increase the disruption in the supply chain,” the statement said.
Mr Powell also said The imbalance between supply and demand caused by the COVID-19 epidemic This is the result of significant price spikes on some items. The personal consumption expenditure (PCE) price index rose 5% in October year-on-year.
Meanwhile, Ms Yellen will warn that failure by Congress to raise the US debt ceiling will hurt economic recovery.
Investors will keep an eye on US non-farm payrolls on Friday. which the US Department of Labor will reveal at 7:30 p.m.
Analysts predict that The US Department of Labor will report the number of non-farm payrolls up 581,000 in November.
Earlier, the US Department of Labor said Non-farm payrolls rose 531,000 in October. That was higher than analysts’ estimates of 450,000 jobs from 312,000 in September. The unemployment rate fell to 4.6 percent, below analysts’ forecast of 4.7 percent from 4.8 percent in September.