U.S. stock futures rose late Sunday, following a steep selloff Friday sparked by fears of the global economic impact of a worrisome new strain of COVID-19.
Dow Jones Industrial Average futures YM00, +0.50% gained about 170 points, or 0.5%, as of 7:30 p.m. Eastern. S&P 500 futures ES00, +0.74% and Nasdaq-100 futures NQ00, +1.00% also showed solid gains.
Crude oil futures also rebounded Sunday from a Friday plunge, with benchmark U.S. crude CLF22, +4.75% and Brent crude BRNF22, +4.13%, the international benchmark, jumping.
On Friday, Wall Street suffered its worst day in more than a year amid growing concerns over the new omicron variant of COVID-19. The World Health Organization’s technical advisory group on Friday declared it a “variant of concern,” and a number of countries imposed flight bans from countries in southern Africa, where the variant was first discovered.
Little is known about omicron, but investors Friday braced for bad news.
Read: U.S. health officials urge caution, but not panic, over omicron variant
In a holiday-shortened session, the Dow Jones Industrial Average DJIA, -2.53% slumped 905.04 points, or 2.5%, to 34,899.34, with the index logging its worst daily drop since Oct. 28, 2020, according to FactSet data. The S&P 500 SPX, -2.27% fell 106.84 points, or 2.3%, to 4,594.62, and the Nasdaq Composite Index COMP, -2.23% sank 353.57 points, or 2.2%, to 15,491.66.
“The pandemic and COVID variants remain one of the biggest risks to markets, and are likely to continue to inject volatility over the next year(s),” Keith Lerner, co-chief investment officer and chief market strategist at Truist Advisory Services, wrote in a Friday note. “It’s hard to say at this point how lasting or impactful this latest variant will be for markets.”