Stock market has a scary 600 point drop

The stock market dropped 600 points. This is linked to the fears of the emergence of the Omicron variant and the impact it will have on the global economy. Dr Boyce Watkins breaks down the stock market reaction to the variant and how to prepare for the future.

According to investors.com, The Dow Jones Industrial Average dived 600 points Monday morning, as omicron fears ran higher in the U.S. and overseas. Moderna jumped on omicron booster news, while Apple, Nvidia and Tesla stock fell sharply at the stock market open.

Among the Dow Jones leaders, Apple (AAPL) dropped 1.8% early Monday, while Microsoft (MSFT) was down 1.3% in today’s stock market. Home Depot (HD) is pulling back to a key level, while Nike (NKE) will report earnings after the close Monday.

Electric-vehicle leader Tesla (TSLA) traded down nearly 3% Monday. Its rival, Rivian (RIVN), lost around 3%. Lucid Group (LCID) declined over 4%. And Chinese EV leaders Li Auto (LI) and Xpeng Motors (XPEV) also posted sharp losses after Monday’s open. Nio (NIO) traded down nearly 3% after introducing a new model at its Nio Day event on Saturday.

Among Monday’s top stocks to buy and watch, Arista Networks (ANET), Ryan Specialty (RYAN), Advanced Micro Devices (AMD) and Nvidia (NVDA) are in or near new buy zones. Investors should be cautious with new purchases amid the recent stock market volatility.

Microsoft and Tesla are IBD Leaderboard stocks. Arista was featured in last week’s Stocks Near A Buy Zone column, while Ryan Specialty was last week’s featured IPO Leader.

Another horrible plummet in the stock market – Dr Boyce Watkins

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