Stocks rallied to start to the week Monday, with the Dow erasing its losses from the previous weeks, as investors shook off fears around the emerging threat of omicron. The Dow surged 1.87%. The S&P 500 was up 1.18%. The Nasdaq rose 0.93%.
"Clearly, in South Africa, omicron has a transmission advantage,". "Although it's too early to make any definitive statements about it, thus far it does not look like there's a great degree of severity to it."
But as investors' fears about omicron faded, several high-priced tech shares that began the day in the red turned green. Craig Erlam, senior market analyst at OANDA, urged investors to stay cautious until more data can provide more cause for optimism. On Friday, tech stocks pulled the market lower. The Nasdaq Composite slid 1.92% with shares of Tesla as the biggest drag. Cathie Wood's flagship Ark Innovation Fund fell more than 5% Friday, and all of the fund's holdings are now in a. Teladoc Health, Zoom Video, Roku, Palantir and Twilio are some of the names that registered steep losses.
Essaye called the market behavior a "sort of Taper Tantrum 2.0 as markets react to a more hawkish Fed and rotate into sectors with more positive exposure to rising rates."to $30 billion a month at its meeting next week, CNBC's Steve Liesman reported on Monday, based on comments by Fed officials. Initial discussions could also begin as soon as the December meeting about when to raise interest rates and by how much next year.
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