The rout is also coming at a time of year that can historically either be bullish or volatile as trading volumes thin out.
“The Santa rally may elude us this year after an impressive pre-Christmas rebound following the initial omicron shock,” Craig Erlam, senior market analyst with OANDA, said Monday in comments emailed to The Post. “Given the amount of downside risks going into the new year, it’s hardly surprising to see investors adopting a more cautious approach as they log off for the holidays.”
Oil markets were walloped as travel reservations plummeted and fears of a broader slowdown grew. West Texas Intermediate crude, the U.S. oil benchmark, sank more than 6 percent to trade around $66.50 a barrel. Brent crude, the global oil benchmark, sank more than 5 percent to trade around $69.73.Bond yields plummeted as investors flocked to safer assets, with the yield on the 10-year U.S. Treasury note slipping .27 percent.
Omicron’s cloud of uncertainty is dampening what was otherwise a rosy period for markets. Despite the day’s sell-off, the S&P 500 remains up more than 20 percent for the year, according to MarketWatch, and the Dow and Nasdaq are both up more than 15 percent.
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