Wall Street closes slightly as Omicron burns instability | Financial Markets News

The United States Centers for Disease Control and Prevention said Wednesday afternoon that the country had identified its first case of the Omicron coronavirus.

Wall Street was closed Wednesday after a morning meeting broke down as investors worried about the recent coronavirus changes and the first evidence of their arrival in the United States as they also shared comments by Federal Reserve Chairman Jerome Powell on rising inflation.

According to preliminary data, the S&P 500 – retired health and college accounting provider – lost 1.18 percent, up 4,513.04 points, while the Nasdaq Composite Index lost 1.83 percent to 15,254.05. Dow Jones Industrial Average fell 1.34 percent to 34,022.04.

Towards the end of the day, the U.S. Centers for Disease Control and Prevention said the country had identified its first case of the Omicron genus, which affected a person from South Africa, where the breed was found.

Earlier Wednesday, Fed’s Powell said planners should be prepared to respond that rising inflation would not be possible in the second half of next year as expected.

Wall Street collapsed Tuesday after Powell shocked the market by indicating that the central bank was considering speeding up the roll-out of its bond-buying program at their December meeting amid rising inflation.

“The market is facing two challenges of the Omicron brand, which may not be able to evade vaccinations, and more Powell than expected,” said Chris Zaccarelli, chief financial officer at the Independent Advisor Alliance in Charlotte, North. Carolina.

Wall Street fell sharply on Friday when it first heard about the Omicron, with health officials saying they did not yet know how the virus was contagious or dangerous and how the existing vaccines could provide protection against this.

On Monday, the market grew sharply as investors sought advertising after the selloff, again falling Tuesday due to Powell’s comments.

“We also tried to buy a dip [on Wednesday] but the news that Omicron is here has already taken the wind out of the cattle barns, ”said Zaccarelli.

Although 11 major S&P sessions were in the afternoon, most sessions were erroneous at the end of the session. Part of the communication service was the one that was most lost during the day.

Salesforce.com Inc. is showing off its mid-quarter profit below as it faces stiff competition from competitors including Microsoft, sending its lowest shares.

The World Health Organization says it is expected to receive more information on Omicron mutations within a few days, and that the agency believes the COVID-19 vaccine will work against this.

Lauren Goodwin, an economist and historian at New York Life Investments, said it was not surprising to see instability as investors were digging into uncertainties including a lack of Omicron knowledge and recent signals from the Fed.

However, Goodwin also referred to Wednesday’s economy, “which was a reminder to investors that the current economic and industrial situation in the market is very strong”.