Top Market News Today: Traders are scripting a turnaround for Tuesday after the meltdown on Monday. Even as the US markets collapsed with financial stocks leading the losses all eyes remain on the Omicron spread that is now the dominant strain in the US as per the latest data leading to cancellation across the board on travel and business plans.
Here is the EJ Biz Expresso for you -;
Market Mood Check
- Asian markets see rebound after brutal selling on Monday
- US markets follow Asian cues on Monday, Dow falls 400 points
- Lower volume ahead of holidays raises global selling pressure
- S&P 500 had its biggest three-day drop since September
Omicron Spread
- The omicron variant accounted for 73% of all sequenced Covid-19 cases in the U.S., surging from around 3% last week
- Cancellations begin: World Economic Summit, defers the Davos Summit for the summer, JPMorgan moves conference online, Broadway cancels Hamilton and other shows
- Israel bans travel to the U.S. and Canada
- New Zealand is pushing back reopening of its border until the end of February
Also Watch: Rewind 2021: The year of IPOs but the best is yet to come