Stock Futures, Oil Drop on Concerns Over New Covid-19 Variant

Global equity markets and U.S. stock futures fell after South Africa raised the alarm over a new, fast-spreading strain of the coronavirus, triggering concern about the potential for new travel restrictions or other curbs that could limit economic activity.

With U.S. stocks set for a shortened trading session after a one-day Thanksgiving break, market participants said the global moves were likely amplified by thin trading volumes.