Volatile Friday for Stocks, Tech Under Pressure, Omicron Outbreak Jitters, Rivian Tumbles, a GM Unit CEO Gets Ready to "Cruise", and FedEx Jumps On An Earnings Beat.
One day after the worst sell-off for the tech sector since September, Carl Quintanilla, David Faber and Morgan Brennan focused on a volatile Friday for stocks as fears about rising rates and the COVID omicron variant spread take center stage. Shares of EV startup Rivian hit hard after the newly public company posted a quarterly loss and warned it would miss its 2021 production target. Shares of General Motors fell after it announced that the CEO of its "Cruise" autonomous driving unit is leaving the company. Also in focus: FedEx jumps on a quarterly earnings beat and a $5 billion stock buyback, The Consumer Financial Protection Bureau's inquiry into "buy now, pay later" firms including Affirm, sources say Oracle is in talks to buy infotech company Cerner, and the CDC recommends that adults receive the Pfizer and Moderna COVID vaccines rather than the Johnson & Johnson shot.
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