Dow Plunges 1,000+ Points on New Covid Concerns

Squawk on the Street

David Faber, Morgan Brennan and Mike Santoli began the show with a look at stocks selling off on the shortened trading day, as a new Covid variant found in South Africa triggered a global shift away from risk assets. The Dow dropped more than 1,000 points, on pace for its worst day of the year. Jim Cramer also called-in to warn investors that today’s sell-off is not a buying opportunity, given the large amount of uncertainty still remaining. Airline and cruise stocks were among the biggest laggards on the S&P 500, but stay-at-home names like Peloton and Zoom Video surged, benefitting from the renewed Covid fears. Cryptocurrencies were also not able to avoid the carnage, with Bitcoin falling into bear market territory, trading below $55K.