Photo by Spencer Platt.
Concerns of the spread of the COVID-19 Omicron variant caused the US stocks to tumble on Monday.
The rejection of the spending bill by Senator Joe Manchin weighed on the stock market.
Without Manchin's support, the social spending bill is unlikely to pass.
The US stock market fell more than 1% on Monday due to fears of the spread of the COVID-19 Omicron variant and Senator Joe Manchin's rejection of the spending bill.
The 7 day average for COVID-19 cases in the US is 130,000. Over the next two weeks, that number could expand considerably.
Fundstrat's Tom Lee said in a Monday note to clients that the cases could go to 300,000 to 500,000 within a few weeks.
Omicron's surge seems inevitable in the US, but Dr. Anthony Fauci doesn't expect the US to institute a new set of lockdowns to combat the virus.
The social spending bill is not likely to pass now that Manchin has rejected President Biden's plan. Goldman Sachs lowered their GDP estimates due to Manchin's decision.
The US indexes stood at 9:30 a.m. The hours are open on Monday.
Meta is going all-in on the metaverse as it tries to bring NFTs to a wider audience. People could bid for NFTs directly on the photo sharing site.
An Insider profile of Sam Bankman-Fried gave an in-depth look at how he built his empire. The 5 biggest revelations from the interview.
The top owners of cryptocurrencies have concentrated their holdings this year. A quarter of the $232 billion worth of the digital currency is controlled by a small group of people.
The price of West Texas Intermediate crude oil dropped as much as 3%. The price of oil fell as much as 3.43%.
The price of gold fell to $1,797.80 per ounce.
Business Insider has an original article.
