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U.S. stock futures dropped in overnight trading on Thursday as investors geared up for a shortened trading day amid renewed Covid fears over a new variant found in South Africa.
Futures for the Dow Jones Industrial Average fell more than 400 points, while those for the S&P 500 and the Nasdaq 100 were both in negative territory.
The downward move in futures came after WHO officials on Thursday warned of a new Covid-19 variant that's been detected in South Africa. The United Kingdom temporarily suspended flights from six African countries due to the variant.
Markets were closed on Thursday for Thanksgiving, so stocks are coming off of slight gains on Wednesday that staunched the week's losses for the S&P 500 and Nasdaq Composite.