Omicron continued to leave pessimism to the overall market with big sectors turning red

Updated time: 19 Jan, 2022, 13:46 (UTC+04:00)

Omicron continued to leave pessimism to the overall market with big sectors turning red. Indexes fell more than 1%, especially S&P 500 ended below its 50-day moving average. The hardest-hit stocks are financials (banking stocks hurt by falling Treasury yields) and materials, followed by tech. Fluctuated oil prices struggled #energy to keep the gains.

In another story, the U.S Senator Joe Manchin refused to support the $1.75 trillion domestic investment bill, known as the Build Back Better project of President Joe Biden. The event pulled back the dollar from its stimulus with a 0.12% drop, making the dollar index to lose ground on the #euro and the yen. The pound stood at $1.3204 after British Prime Minister Boris Johnson decided to tighten coronavirus curbs to slow the Omicron spread. Other currencies remained unstable amid this uncertainty. The RBA seemed to commit to keeping low interest rates, despite pressure from the Fed.

Crypto market lacked incentives to recover its past momentum, leaving it quite choppy with ups and downs from BTH and ETH. Terra (LUNA) continued to impress investors with all-time high while meme-inspired coin Shiba Inu jumped over 5% before turning back to red.

Omicron continued to leave pessimism to the overall market with big sectors turning red

Related Articles