Stocks tumble as fears over new Covid-19 variant grip global markets

US equities took a dive at the open and continued their downward path, resulting in a terrible day for the stock market and the worst day for the Dow in over a year. Oil prices were also badly hit.The new variant has been detected in South Africa, Botswana, Hong Kong and Israel, prompting some countries to put flight bans in place. Over the summer, the Delta variant spooked consumers and weighed on sectors like leisure and hospitality.

"It's hard to say at this point how lasting or impactful this latest variant will be for markets," he added.It might take days or weeks to assess the severity of the new variant, so Friday's sell-off might not be an immediate opportunity to pick stocks up on the cheap, said Sam Stovall, chief investment strategist at CFRA Research.But not all stocks took a beating. Within the S&P 500, healthcare stocks climbed, led by Covid vaccine manufacturers Moderna and Pfizer .

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