SQUAWK BOX, THURSDAY 2ND DECEMBER, 2021

In another turbulent trading session, Wall Street swings sharply lower on the news that the first case of the Omicron variant in the U.S. had been discovered in California. Oil prices surge with investors anticipating a decision to slow down supply from OPEC+ members as the new Covid variant is predicted to take its toll on demand. In Turkey, finance minister Lutfi Elvan resigns and is replaced by an Erdogan loyalist keen on cutting rates amid soaring inflation and a tumbling lira. Meanwhile, Apple suppliers in Asia see stocks dip after the tech giant reports that iPhone demand has slowed due to wait times associated with the chip crisis.