Stock futures tumble on fears over new coronavirus variant
CBSN
Stocks and oil prices plunged Friday after health officials in South Africa said they have detected a new coronavirus variant linked to a spike in COVID-19 cases.
The variant, known as B.1.1.529, has spread rapidly among young people in Gauteng, the country's most populous province, Health Minister Joe Phaahla announced Thursday. He said B.1.1.529 is a concern because of its many mutations. That could make it easier to transmit, although many new virus variants often die out. The variant has also been found in Botswana and Hong Kong in travelers from South Africa.
Dow futures were down 788 points, or 2.1%, as of 7:58 a.m. Eastern time, pointing to a sharp decline when U.S. markets open for trading. S&P 500 futures fell 71 points, or 1.5%, while Nasdaq Composite futures sank 113 points, or 0.7%.
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