Stay-at-home market darling Netflix slumped on Friday, joining a broad decline in the market value of other pandemic favourites this week as investors priced in expectations for a return to normality as more countries gradually relax COVID restrictions.
posted disappointing quarterly earnings spread to the wider stay-at-home sector as analysts judged the new Omicron coronavirus variant will not deliver the same economic headwinds seen in the first phase of the pandemic in 2020.
"The is a confirmation that the economy is gradually moving towards some sort of normalisation," said Andrea Cicione, head of strategy at TS Lombard."What we think is very interesting is that Omicron, because of its very high infectiousness, very low morbidity compared to previous waves such as the Delta variant, might actually be the first tangible sign that the pandemic is evolving in the direction that we all expected, i.e.