Wealth Daily 02 December 2021



WEALTH DAILY 2021-12-02
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Shares on Wall Street erased gains and fell into the red on Wed, after a case of

the omicron variant was confirmed in California


The S&P 500 Index closed down 1.18%, suffering its worst two-day selloff since

Oct 2020. The Dow Jones Industrial Average lost 461.68 pts, or 1.34%, to close

at 34,022.04. The Nasdaq Composite dropped 1.83% to 15,254.05 after rising

as much as 1.8% earlier in the session. The small-cap Russell 2000 lost 2.34%.


The CBOE Volatility Index (VIX) jumped from 27.19 to 31.1. The VIX is now at

its highest level since Jan.


The yield on the 30-year US Treasury bond fell to its lowest level since Jan. The

30-year yield dropped 2.7 bps to 1.753%. The yield on the 10-year Treasury

note slipped 4.06 basis points (bps) to 1.4037%.


Treasury yields dropped despite a strong ADP jobs report and Fed Chair Jerome

Powell telling the House Financial Services Committee that the Fed should

consider winding down its asset purchase program sooner than planned.


Fintech giant Square (SQ US, -6.7%) is changing its name to Block, effective

December 10, as it focuses on new technologies such as the block chain.


In after-hours trade, cloud computing data manager Snowflake (SNOW US, -

8.57%) has jumped 14.17%, after reporting better-than-projected revenue and a

bullish forecast, fuelled by a gain in new customers.


The most actively traded US gold futures (Feb) contract settled up $7.80, or

0.4%, at US$1,784.30/oz.


March silver, which is the most actively traded silver futures, fell 47.6 cents, or

2.1%, to end at US$22.339/oz.


The ICE dollar index (DXY), which measures the strength of the greenback

against a basket of currencies, rose 0.04% to 96.028.


The front-month Brent and WTI futures closed down $1.70 at US$68.87/bbl and

61 cents at US$65.57/bbl respectively.


European equity markets finished higher on Wed. The UK FTSE gained 1.55%,

France's CAC 40 rose 2.39%, while the German DAX advanced 2.47%.