US stocks tumble out of doors as Omicron fears grow

US stocks fell early in the trading session today Tuesday due to losses in the travel, energy and banking sectors following a warning from the CEO of the vaccine maker Moderna about the effectiveness of Covid-19 vaccines in preventing the new Omicron mutant.

The Dow Jones Industrial Average started the session trading on Wall Street, in drop of 78.95 points, or 0.22%, to 35056.99 points.

The benchmark Standard & Poor’s 500 index fell 15.02 points, or 0.32%, to 4,640.25 points, while the Nasdaq Composite Index fell 66.34 points, or 0.42%, to 15,716.50 points, according to Reuters.

Moderna CEO Stefan Bancel suggested that the large number of mutations in the Omicron variant of the Corona virus would help circumvent the protection provided by current vaccines, making it necessary to develop new vaccines. Which caused the decline in risky assets.

The CEO seemed to have downplayed expectations that the new vaccines might be ready soon, however, in an interview with the Financial Times, said it could take months for pharmaceutical companies to develop and distribute updated vaccines that they can provide in great number.

He said I’m not there prove that current doses provide the same level of protection against the omicron variant as they do against the delta, and there would be a substantial reduction in their effectiveness.

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