The stock market has been affected by Omicron.
AP Photo/Richard Drew
The rapid spread of Omicron spooked investors and caused the futures to fall as much as 610 points.
The futures contracts on the stock market were down by 437 points. After earlier dropping as much as 1.72%, the index was down by 608 points.
The S&P 500 futures fell 1.37%. Thin volumes are adding to volatility. The major US stock indexes closed the week lower.
Europe's stock market fell at the open as governments imposed new restrictions on movement and the economy to try to stop the spread of the Omicron coronaviruses variant.
The Stoxx 600 was down 1.6%, coming back from a 2.46 drop earlier. The London's FTSE 100 was lower.
Asian stocks fell overnight. China's CSI 300 lost 1.5% despite the central bank cutting a key interest rate. The Tokyo stock market fell 2.13%.
The Omicron variant, which was discovered in southern Africa at the end of November, is now spreading rapidly in the US and Europe.
Anthony Fauci, the US president's chief medical adviser, said on Sunday that US hospitals could become very stressed in a week or two as Omicron cases spread.
A number of countries have blocked travel from the UK after the Dutch government imposed a new restriction. The new variant's economic impact has made investors worried.
Jeffrey Halley, senior market analyst at Oanda, said in a note that markets this week and next will be for day-traders with deep pockets. The winner in December is V.
Christmas Day falls on a Saturday and the US stock markets will be closed.
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Manchin, a Democratic senator from West Virginia, made comments that tanked Biden's social spending and climate plan.
Manchin told Fox News that he couldn't vote to continue with the legislation.
Goldman lowered its forecast for the US economy after Manchin's move. The bank said it sees 2% growth in the first quarter. The second and third-quarter forecasts were trimmed.
The pivot towards a tougher stance on inflation by the central bankers is on investors' minds.
The Bank of England became the first major central bank to raise interest rates after inflation hit a decade high. The market is divided on whether the first interest rate hike will come in March or May, with the Federal Reserve talking tougher on prices.
The yield on the bond fell as investors sought the safety of the securities. The 10-year US Treasury note's yield was down 13 basis points. Prices affect yields.
The price of oil fell as traders bet on the new coronaviruses restrictions. The price of oil was lower, with the price of crude falling to $71.14 a barrel.
Business Insider has an original article.
