Stock futures slide as omicron fears return

U.S. stock futures broadly declined, extending a period of volatile trading since the detection of the Omicron variant of Covid-19.

Futures on the S&P 500 were down 0.9% and futures tied to the Dow Jones Industrial Average declined 1.1%. Changes in futures don’t necessarily predict moves after the opening bell.

In commodities, international benchmark Brent crude declined 2.1% to $71.70 a barrel. Gold was up 0.5% to $1,791.90 a troy ounce.

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The yield on 10-year U.S. Treasury slipped to 1.460% from 1.529%. Bond yields move inversely to prices. The German 10-year bund yield fell to minus 0.327% and 10-year U.K. government debt known as gilts yields fell to 0.826%.

In Europe, the Stoxx Europe 600 lost 1% in morning trade dragged down by declines in consumer staples and healthcare sectors.

The U.K.’s FTSE 100 was lower 1%. Other stock indexes in Europe also mostly fell as France’s CAC 40 was down 1.2%, the U.K.’s FTSE 250 shed 0.7% and Germany’s DAX was down 1%.

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The Swiss franc and the euro strengthened 0.2% and 0.4% respectively against the U.S. dollar and the British pound was mostly flat against the dollar, with 1 pound buying $1.33.

Stocks in Asia were mixed as China’s benchmark Shanghai Composite was largely flat, whereas Hong Kong’s Hang Seng lost 1.9% and Japan’s Nikkei 225 index shed 1.6% after gaining 1.4% during the session.

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Stocks in Asia were mixed as China’s benchmark Shanghai Composite was largely flat, whereas Hong Kong’s Hang Seng lost 1.9% and Japan’s Nikkei 225 index shed 1.6% after gaining 1.4% during the session.