Friday marked the worst day of the year for the stock market as the Dow plummeted by 748.63 points, and pharmaceutical companies like Pfizer and Moderna stocks saw a significant rise.
The surges come amid reports from researchers at the Wuhan Institute of Virology identifying a potentially deadlier strain of coronavirus known as HKU5-CoV-2, which the media is now parroting.
COVID-19 originated in a lab in Wuhan, which the media have told us for years was untrue.
The research, published Tuesday in the scientific journal Cell, began to spark concerns, drawing eerie parallels to the early days of the COVID-19 pandemic.
Following the report’s circulation, Pfizer (PFE.N) shares climbed 1.54%, while Moderna (MRNA) surged by 5.34%.
The pharmaceutical sector’s gains stood in stark contrast to the broader market, which saw steep losses.
The S&P 500, tracking the 500 largest American companies, fell 1.71%, marking its worst day in two months. The Dow Jones Industrial Average dropped 1.69%, its steepest decline this year, while the Nasdaq Composite plunged 2.2%.
The stock market downturn coincided with mounting fears over HKU5-CoV-2, a virus researchers say closely resembles SARS-CoV-2.
Shares in Pfizer and Moderna rose on February 21 after news surfaced of a study highlighting the possibility of a new coronavirus strain.
Though the terms “coronavirus” and “COVID-19” are often used interchangeably, coronavirus refers to a broader category of respiratory viruses affecting both animals and humans. COVID-19, Middle East Respiratory Syndrome (MERS), and Severe Acute Respiratory Syndrome (SARS) all fall under this classification.
SARS-CoV-2, which caused COVID-19, shares genetic similarities with HKU5-CoV-2, raising concerns that it could one day spread to humans. Researchers also found that the virus, linked to bats, uses the same cell-surface protein as SARS-CoV-2.
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While no human cases of HKU5-CoV-2 have been identified, Wuhan scientists determined in laboratory tests that the virus can infiltrate human cells similarly to SARS-CoV-2.
Adding to concerns, HKU5-CoV-2 bears an even closer resemblance to MERS—a virus with a nearly 30% fatality rate. MERS cases remain rare, with only two Americans ever testing positive for the virus in 2014.
The new strain is believed to be connected to minks and pangolins.
Despite growing concerns, some experts are urging the public not to overreact.
Dr. Michael Osterholm, an infectious disease expert at the University of Minnesota, told Reuters, “The public has already developed more immunity to SARS viruses than pre-2019.”
Osterholm also described fears surrounding the study as “overblown,” emphasizing that the research itself warned against exaggerating the potential risk to humans.
Meanwhile, concerns about another pandemic aren’t the only factors rattling the markets.
Higher inflation has driven up prices across essential goods. According to Money Watch, egg prices have surged by 15.2%, while fuel oil has risen by 6.2%.
With inflation remaining high, the Federal Reserve is unlikely to cut interest rates soon—another factor that could be contributing to the stock market’s recent declines.
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