US shares sink Omicron’s rise, Biden’s economic plan backfires | Financial Market News

The S&P 500 had its biggest three-day decline since September, driven by losses in financial and material stocks.

Investor sentiment eased concerns about President Joe Biden’s economic agenda and the rise of the omicron coronavirus lowered shares. Traders said lower volumes before the holiday had boosted market movements.

The S&P 500 had its biggest three-day decline since September, driven by losses in financial and material stocks. The bonds fell. The dollar changed little.

“There are two kinds of dynamics going on. Probably the most important thing is the immediate reduction in liquidity, “said Jay Hatfield, chief executive of Infrastructure Capital Management.

Goldman Sachs Group Inc. economists cut U.S. growth forecasts after Democratic Sen. Joe Manchin blinded the White House after refusing Biden’s $ 2 trillion tax and spending package. Meanwhile, the largest European nations weighed in on the further reduction of Covid-19.

What to see this week:

• The Reserve Bank of Australia has released the minutes of the December rate meeting. Tuesday
• EIA Oil Inventory Report Wednesday
• U.S. consumer income, new home sales, U.S. durable goods, University of Michigan consumer sentiment, initial unemployment claims. Thursday
• Friday: US markets are closed. European markets close sooner

Some of the major market movements:

Stocks

• The S&P 500 fell 1.1% in New York City as of 4 p.m.
• The Nasdaq 100 fell 1.1%
• The Dow Jones Industrial Average fell 1.2%.
• The MSCI World Index fell 1.4%

Coins

• The Bloomberg Dollar Spot Index changed little
• The euro rose 0.3% to $ 1.1278
• The British pound fell 0.3% to $ 1.3209
• The Japanese yen traded slightly at 113.67 per dollar

Links

• The 10-year Treasury yield rose two points to 1.42%.
• Germany’s 10-year profit rose one basis point to -0.37%.
• The UK’s 10-year profit rose one basis point to 0.77%.

Goods

• West Texas Intermediate gross fell 3.7% to $ 68.23 a barrel
• Gold futures fell 0.9% to $ 1,789.40 an ounce