Lucas Jackson.
US stocks fell on Monday due to rising COVID-19 cases and the spread of the Omicron variant.
The rejection of the spending bill by Senator Joe Manchin weighed on the stock market.
The rejection of Biden's spending bill will have a negative effect on the economy in 2022.
US stocks fell more than 1% on Monday as rising COVID-19 cases and Senator Joe Manchin's rejection of President Biden's spending bill made headlines.
The spread of the Omicron variant has boosted Covid-19 daily cases. The seven-day average of US cases 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 its GDP estimates on Manchin's position, saying that it could hurt the economy.
The US indexes stood at 4:00 pm. The close is Monday.
Many of Ark Invest's innovation stocks fell more than the broader market on Monday. Many of the stocks owned by Ark Invest are down more than 70% from their recent highs. Wood expects monster returns over the next five years.
Over the past 5 weeks, lumber prices have surged due to ongoing supply chain issues related to Canadian floods, as well as demand staying strong for the building material.
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. The current metaverse landscape is not a good one, according to the CEO of the company.
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 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 as much as 0.75%.
Business Insider has an original article.
