With little known about the new variant, longer term implications for U.S. assets were unclear. At least, investors said signs that the new strain is spreading and questions over its resistance to vaccines could weigh on the so-called reopening trade that has lifted markets at various times this year.The new strain may also complicate the outlook for how aggressively the Federal Reserve normalizes monetary policy to fight inflation."Markets were celebrating the end of the pandemic. Slam.
The S&P 500 fell by a third as pandemic fears mushroomed in early 2020, but has more than doubled in value since then, though the pandemic's ebb and flow has driven sometimes-violent rotations in the types of stocks investors favor. The index is up more than 22% this year. Before Friday, broader vaccine availability and advances in treatments made markets potentially less sensitive to COVID-19. The virus had dropped to a distant fifth in a list of so-called "tail risks" to the market in a recent survey of fund managers by BofA Global Research, with inflation and central bank hikes taking the top spots.
On Friday, however, technology and growth stocks that had prospered during last year's so-called stay-at-home trade soared, including Zoom Communications
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