As most everyone will have heard, markets were down noticeable on Friday in reaction to fears about the new virus variant, now named Omicron.
Almost all stocks were down. American Express was hard hit with an 8.6%drop. Amex is more travel oriented that VISA which was only down 2.6%.
Oil was down about $10 U.S.
The question now is whether markets will sell off more on Monday or will instead decide that Friday’s decline was overdone. As of about 8 pm eastern time it appears that market are set to open noticeable higher on Monday morning. Obviously, it could be a volatile week as markets digest the emerging news about the new variant and the various travel restrictions. Oil has rebounded several dollars.
Meanwhile, Enbridge got an unfavorable ruling after the close on Friday on its plans to turn one of its Canadian mainline oil pipeline into more of a contracted system as opposed to a “common carrier” with tolls set by the regulator which has been the case for many years. I don’t think this is any huge financial blow to Enbridge.