The floor of the New York Stock Exchange is being worked on by traders.
The stock market fluctuated in overnight trading on Sunday as investors continued to grapple with the resurgence of Covid cases and an upcoming shift in the Federal Reserve's easy monetary policy.
The futures on the Industrial Average were down. The S&P 500 futures were down.
The S&P 500 declined 1.9% last week, and the major averages were negative. The tech-laden Nasdaq dropped 3% last week as investors dumped high-flying growth stocks on the prospect of higher interest rates.
The last five trading days of the year and the first two trading days of January are when investors hope for a Santa Claus rally.
The corners of the market are oversold on the one hand, according to Adma. The aggressive buy the dip mentality, which proved so profitable for the last 1.5+ years, especially in the high-multiple corners of the market, was underwritten by a tidal wave of stimulus that is now receding.
The Fed said last week that it will likely raise interest rates three times next year.
Despite the losses last week, the S&P 500 is still up 1.2% this month, bringing its gains to 23%. The tech-laden Nasdaq is down 2.4% in December as technology names sell off. The blue-chip index is up 2.5% this month.
The winter holiday season is approaching and the omicron virus is raging across the world. The WHO said on Saturday that the number of cases in areas with community transmission is doubling in 1.5 to 3 days.
Manchin, a conservative Democrat from West Virginia, said he wouldn't support the Biden administration's "Build Back Better" plan. The social spending and climate policy bill is likely to be killed by Manchin.
