U.S. stocks dropped sharply on Friday after WHO officials warned of a new Covid-19 variant that’s been detected in South Africa.
The Cboe Volatility Index, often referred to as Wall Street’s “fear gauge,” rose to 28, its highest level in two months. Oil prices also tumbled, withTravel-related stocks were hit hardest with Carnival Corp. and Royal Caribbean down 13.5 percent and 11.9 percent, respectively. United Airlines dropped more than 13 percent, while American Airlines dropped 12.5 percent. Boeing lost more than 7 percent and Marriott International fell nearly 10 percent.
On the flip side, investors huddled into the vaccine makers. Moderna shares surged 27 percent. Pfizer shares added 5 percent. Several investment professionals told CNBC on Friday that the sell-off could be a buying opportunity.
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