- The S&P 500 has cut most of its gains and is now up 0.4%.
- The index is back at 4,580, after trading as high as 4,650 after the open.
- Sentiment apparently deteriorated along with a spike in the news flow surrounding the global Omicron outbreak.
American Stock Markets They have been on the defensive for the past few hours and have cut much of their pre-market earnings. The S&P 500 Index it has fallen back below 4,600 and is now up just 0.4% on the day, having risen as much as 1.9% earlier in the session. Meanwhile, the Nasdaq 100 has slashed gains that had been as high as 1.8% at the start of the session to just 0.2%. The Dow has risen the same amount.
Omicron Concerns
Sentiment apparently deteriorated following the news flow surrounding the global Omicron outbreak. The number of Covid-19 infections reported in South Africa doubled on Wednesday compared to the previous day and there were separate reports that hospitalizations had also started to rise as infections spread further to the elderly. Additionally, the South African National Institute for Communicable Diseases (NICD) said the Omicron variant could bypass previous immune protection. However, WHO scientists earlier in the day said they believed existing vaccines would still provide substantial protection.
More recently, the first Omicron variant infection was reported in the US The individual, who is fully vaccinated, is only experiencing mild symptoms at this time and had traveled to South Africa. The detection of new infections in the United States in the next few days seems inevitable.
Technical levels
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