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US markets rallied; Buzzfeed debuted on Wall St; Moderna plunged 13% on reports of lower vaccine effectiveness.

  • The Nasdaq rose 0.9% to close Monday’s session at 15,225 points.
  • Buzzfeed debuted on the Nasdaq through a SPAC deal.
  • Moderna plunged 13% on reports COVID vaccines are less effective against Omicron.

The US markets started the week in positive territory across the key indices as investors shrugged off concerns of the Omicron variant of COVID-19 impacting economic recovery. Stocks linked to economic recovery like energy, airlines and banks were the winners of Monday’s session.

The Dow Jones rose 1.87% to finish the trading day up 647 points to close at 35,227 points.

The tech heavy NASDAQ rose 0.9% to finish the trading day up 140 points to close at 15,225 points with Facebook and Netflix gaining 3.59% and 1.75% respectively.

One bitcoin is worth US$50,380 going into the Asian trading day.

The Australian dollar is stronger against the major currencies and is buying 70.51 US cents.

US-based online media, news and entertainment company Buzzfeed made its debut on the Nasdaq on Monday through a SPAC deal. Shares in Buzzfeed jumped 35% in early hours of trade before closing its debut session down 11%.

Shares in biotech company Moderna plunged more than 13% on Monday after reports that RNA-based vaccines against COVID-19 may not be effective against the Omicron variant of the virus. Moderna’s President Dr. Stephen Hoge said ‘there is a real risk that we’re going to see a decrease in effectiveness of vaccines’ due to Omicron.

And as the NFT craze soared in popularity throughout 2021, the total sales of non-fungible tokens over the first 10-months of 2021 is US$26.9bn.

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