COVID resurgence in Europe weighs on oil, equities

Yahoo Finances Ines Ferre provides an insight into the markets as COVID re-emerges in Europe.

Video transcription

AKIKO FUJITA: Let us turn our attention back to the market action. As we said at the top of the show, there was not a lot of reaction to the developments in DC, mainly because there have been some concerns about the resurgence of COVID cases in Europe, where Austria is now introducing a lockdown. It has seeped through in the raw material area. And we see both WTI and Brent crude oil down below the $ 80 handle. Let’s pick up Yahoo Finance’s Ines Ferre, who sees the action for us today. Ines.

INES FERRE: And Akiko, both Brent crude and WTI are heading for a fourth week in a row with falls. If we’re just taking a look at our YFi Interactive Board, take a look at WTI right now. This is a decrease of more than 3 per cent. As you mentioned, much of this has to do with Austria’s nationwide shutdown, concerns about an increase in the case of COVID-19 in Europe. And it also bleeds into the stock market when it comes to travel stocks. So we keep an eye on the travel sector.

Take a look here, a lot of red as we see. We’re also seeing Airbnb drop by more than 4%, but we’re keeping an eye on cruise ships that are under pressure. Some of the airlines are under pressure. And that is despite the fact that the FDA also approves booster shots against COVID for Moderna and also Pfizer. So Moderna today rose more than 4% on that news. You have Pfizer, that’s an increase of 4/10 percent. But previously it rose by more than 1% and Pfizer reached new heights.

I would like to check the sector action because we see the economic development that is under pressure. We have energy down, economy, industry that is lower. You see a bit of a rotation back to technology. You have technology, consumer discretion, that is in the green. And if we take a look at the NASDAQ 100, some of the big names here, we’ve got Apple reaching new heights today. We also see Alphabet, which hit new heights, and Microsoft as well. Facebook rose more than 3%, and NVIDIA today hits new heights.

And I would also like to mention another new high today as well as Intuit, which has risen more than 9%. The financial software company reported its quarterly results, a nice blowout quarter. Its guidance also exceeded expectations. Quite a few of the acquisitions that the company has acquired, companies over the last few years, they have helped with the results. Akiko, Jared.

AKIKO FUJITA: Okay, Ines Ferre is leading us through the action there this Friday.

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