After almost a year of absence the Stay-at-Home market makes a comeback.
Stocks in the Stay-at-home market surge after news broke out on the 26th of November from WHO, alarming the world of a new variant of Covid-19. The new variant B.1.1.529 has been given a greek code name like the previous variants and is now known as Omicron. At the early stages the new variant has been detected in Botswana, Belgium and South Africa, but now it’s making its way around the world.
After the first new covid variant case made its way to Belgium, neighbouring countries started to take measures.
The Stay-at-Home market growth has been slowing with its stock being down this year, due to countries coming out of lock down. But with news of the new variant and countries taking measures, predictions of a new global lockdown inspired people to invest in Stay-at-Home
market stocks in companies such as Zoom, Peloton. According to Barrons, Zoom stocks have went up by 7.7% and Peloton going up by 4.6%. Vaccine manufacturing market has seen a surge in stocks as well. According to Barrons, Pfizer going up by 5.6%, BioNTech by 7.3% and Modern going up by 8.6%.
Another market that has been affected by the news of the Omicron Covid variant, is the Cryptocurrency market. According to Reuters the Crypto market has seen a dip in stock, with Bitcoin the biggest in its field falling by 9.2% and Ether the second biggest in the field falling by 13%.
With the state of the stock market being what it is right now and the way the world is responding to the new variant, could this send us into another potential economical crisis?
Words by Mohammed Aljarba Subedited by Uzma Khan