A Major Market Reversal as Omicron Hits the U.S.

CNBC's "Fast Money"

CNBC

News, Investing, Business

3.9 • 1.3K Ratings

🗓️ 1 December 2021

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks closed near their lows of the day after the CDC announced the first case of Omicron in the U.S. was found in California. The S&P gave up a 1.8% gain earlier in the day to close squarely in the red. What the sell-off says for the market, and what investors should be paying attention to into year-end. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0	Life in the Nasdaq market site in New York City's Times Square.
0:02.8	This is Fast Money.
0:03.9	I'm Melissa Lee.
0:04.6	Tonight's Trader lineup.
0:05.5	Guy Davi, Tim Seymour, Karen Feynerman, and Dan Nathan.
0:08.3	Tonight on Fast, we are all over the late-day sell-off on Wall Street.
0:11.5	Stocks plunging into the close.
0:13.1	So what is next for your money?
0:14.6	We're breaking that down straight ahead.
0:16.2	Plus, shares of Lyft, heading the skis as COVID fear risk fears return.
0:19.9	We'll speak to the company's chairman and president, John Zimmer,
0:22.8	about the real risk of the Omicron variants.
0:25.4	And later, wood or wood not.
0:27.4	We're talking into the world of Kathy Wood to see which of her top picks
0:30.7	or traders would bet on.
0:32.3	But we start off with that major market reversal.
0:34.7	A late-day sell-off sending stocks into the red, the S&P giving up a 1.9% gain
0:40.1	to close the day down 1.2%.
0:43.1	The Dow swinging nearly 1,000 points from peak to trough.
0:46.5	And the VIX crossing above 30 for the first time since March all this
0:50.4	as news broke out that the new COVID variant is in fact here in the United States.
0:55.2	Let's get to Mike Toreau with the very latest developments, Meg.
	...

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