US shares markets came under pressure on the first trading day of the week after the S&P 500 managed a record high close last Friday at 4712.
The index has dropped more than 25 points to current levels in the 4680s, recording recent decline of over 0.5%. Still, the S&P 500 continues to trade within the ranges carved out during the latter part of last week, so Monday\u2019s selling pressure is hardly catastrophic.
But it is indicative of markets beginning the week with a sense of caution as worries about the Omicron variant persist and ahead of a deluge of key central bank meetings (most important of which is the Fed) and G10 economic data releases.
The Nasdaq 100 is the worst performing of the major indices, down by about 0.9% on Monday\u2019s session, though the index looks set to find support above the 16.1K level for a fifth consecutive session. The Dow, meanwhile, is down about 0.7%, while the VIX is up about 1.50 and back above the 20.00 mark, indicative of traders deeming it too soon to completely unwind post-Omicron volatility expectations.
News from the UK seems to have triggered some concern after the UK PM warned of a \u201ctidal wave\u201d of infections, which now apparently already account for around a fifth of the infections in the whole country.
COVID-19 fears weighed heavily on the Transportation (-1.2%) and Airline (-3.9%) sectors, with traders citing the possibility that parts of the US follow in the footsteps of Europe in the coming weeks and re-impose lockdowns.
The uncertain start to the week also weighed on US yields, particularly at the long-end (given that the short-end remains underpinned by expectations for a hawkish Fed midweek), but this has not come to Big Tech\u2019s aide.
The S&P 500 Communication Services and Information Technology GICS sectors were down about 0.5% and 0.9% respectively. The more defensive sectors held up better. The Consumer Staples sector was up more than 1.0%, while the S&P 500 Healthcare sector was up 0.9%.<\/p>\n","protected":false},"excerpt":{"rendered":"
US shares markets came under pressure on the first trading day of the week after the S&P 500 managed a record high close last Friday at 4712.The index has dropped more than 25 points to current levels in the 4680s, recording recent decline of over 0.5%. Still, the S&P 500 continues to trade within the …<\/p>\n","protected":false},"author":13,"featured_media":53142,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[39,36],"tags":[7514,6902,7976,6901,8166,516,7442,6862],"class_list":["post-56780","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-global-stock-markets","category-market-updates","tag-boris-johnson","tag-dow-jones","tag-equities","tag-nasdaq","tag-omicron","tag-sp-500","tag-us-shares","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/56780","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=56780"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/56780\/revisions"}],"predecessor-version":[{"id":56787,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/56780\/revisions\/56787"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/53142"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=56780"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=56780"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=56780"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}