SPRINGFIELD, Mass. (WWLP) – The economy faces new concerns over the omicron variant of COVID-19 as some investors worry the new strain could potentially evade vaccines.

This is a waiting game. With very little known about the new variant, a financial advisor 22News spoke with said it’s too early to tell how this would effect the market. Global markets have been rattled once again by concerns that the new omicron COVID-19 variant could potentially evade vaccines.

Although health authorities have said it will take several weeks to know how omicron’s mutations affect its response to existing vaccines, Moderna CEO said he expects them to be less effective against the new strain.

Financial advisor at St. Germain Investments, Matt Farkas told 22News there is no need to panic because there is still a lot unknown about the new variant. “You certainly do not want to make any radical changes to your long term plan based on these types of events because there are a lot of unknowns.”

Omicron is already labeled a variant of concern, meaning it could be more transmissible and considered more harmful. But, health experts agree the vaccine still works and boosters will help.

Farkas said the market has bounced back over the last year after 2020’s downfall.

“Bigger picture, it’s been a great environment for investors and I wouldn’t overreact to this variant news. As uncomfortable as it may be the most prudent thing to do this, sit and wait for this news to develop.” Farkas said that there will probably be a few ups and downs as we end the year until we know more about the variant.