- US equities futures, crude oil, and bond yields all rose on Monday as investors tried to assess the economic dangers posed by the Omicron coronavirus strain, restoring some calm to markets.
- S&P 500, NASDAQ 100 and European contracts jumped, WTI oil rallied back above $70 a barrel and the 10-year US Treasury yield rose past 1.50%. Asian stocks fell but the moves were modest compared with Friday's global equity selloff.
- The yen fell, the dollar remained stable, and the South African rand, where the variation was identified, rose versus the greenback. While many questions regarding the new strain remain unresolved, two South African health specialists believe it is causing only minor symptoms thus far. The World Health Organization has advised caution, stating that assessing the pathogen will take time.
- Traders last week pushed back the projected timing of the Federal Reserve's first 25-basis-point rate hike from June to July. Fed's Bostic downplayed economic risks from a new variant, saying he's open to reducing asset purchases more quickly to combat inflation.
