US Futures Tumble as New COVID Strain Threatens Global Economic Recovery

US stock futures were sharply lower Friday as traders returned from the Thanksgiving holiday amid concerns about a new variant of the coronavirus.

The Dow Jones Industrial Average futures slumped 2.2%, S&P 500 futures declined 1.7%, and Nasdaq futures fell 1.1%.

A new "potentially vaccine-resistant" variant has been discovered in South Africa, prompting countries, including Britain and France, to impose flight and travel bans against South Africa and surrounding countries.

Oil prices tumbled, with front-month global benchmarks Brent crude and US West Texas Intermediate crude both down more than 5%, on concerns about the potential impact on demand of the new coronavirus variant.

There are no major economic data due for release.