Shares of retailers and other consumer companies fell amid fears that the Omicron variant will slow the return to economic normality worldwide.
After staging a major rebound on Thursday, issues associated with economic reopening such as airlines, cinema chains and hoteliers fell sharply Friday.
One strategist said investors had prematurely dismissed the threat to global growth from the Omicron variant. "The assumption that the variant is mild better be true and [it] better be very mild," said Lorenzo Di Mattia, manager of hedge fund Sibilla Global Fund.
"The starting point for hospitalizations is bad....if it's somewhat mild, it could still generate as many hospitalizations as the previous waves, given vaccine [evasion] and speed of spreading. Even if it's mild, news might get worse before it gets better," Mr. Di Mattia said.
An Institute for Supply Management reading of services sector activity in the U.S. hit a record high in November.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
12-03-21 1653ET
