Tuesday marked a slump in major indices after Fed’s ChairUpdated time: 26 Jan, 2022, 13:52 (UTC+04:00)
Tuesday marked a slump in major indices after Fed’s Chair #jeromepowell expected to speed up the tapering of bond purchase amid increasing uncertainty about the new #omicronvariant. Many agreed that this was necessary to ease strong inflationary pressures, which was signaled to persist longer than expected, before it could elevate further.
#SP500 and #DowJones sharply dropped 1.9%; #Nasdaq fell 1.6%.
#Pharmaceuticals were among the biggest decliners. #Moderna shed 3.5% after it said the vaccine could struggle to deal with Omicron. Other fellows also suffered.
#Communication services dropped significantly, in which #Twitter continued to slide 4% due to negative reactions to CEO #jackdorsey's leave.
#Oil fell less than expected last week as market participants fear that Omicron’s impact will cause OPEC+ to delay plans of increasing production.
#Tech outperformed other sectors, only decreasing 1%.
The #yen was still in safe haven.