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Benchmark US indices kicked off the week with a poor show on Monday, December 20, as stocks across industry segments slipped into the red amid Omicron and inflation concerns.
The S&P 500 declined 1.14% to 4,568.04. The Dow Jones fell 1.23% to 34,932.16. The NASDAQ Composite was down 1.24% to 14,980.94, and the small-cap Russell 2000 fell 1.69% to 2,138.01.
Markets wavered after Democratic Senator Joe Manchin’s comments disapproving of President Joe Biden’s US$1.75 trillion investment bill over the weekend.
Goldman Sachs lowered the quarterly GDP forecast for 2022 after his comments.
Meanwhile, traders’ concerns grew after several countries, including Israel and the Netherlands, have imposed new restrictions to contain the Omicron variant. President Biden is expected to present his administration’s new guidelines against the new Covid-19 strain on Tuesday.
All 11 segments of the S&P 500 index closed in the red on Monday. Financials, basic materials, and industrial stocks fell, while consumer staples, utility, and healthcare stocks were the least affected.
In the information technology sector, Oracle Corporation (ORCL) fell more than 4% after its announcement to buy medical record company Cerner Corporation (CERN) for about US$28.3 billion. The CERN stock rose 0.91% intraday trading.
Moderna, Inc. (MRNA) stock declined 4.67% after rallying 9% in the morning session, close on the heels of its announcement regarding the positive results of its covid booster dose against Omicron.
The Can-Fite Biopharma Ltd (CANF) stock jumped more than 74% after its Phase II study for a liver cancer drug showed promising results.
Shares of Society Pass Incorporated (SOPA) soared 270% in intraday trading after it was listed on the Russell 2000 Index on Monday. The technology company launched its IPO in November this year.
In the consumer staples sector, the Coca-Cola Company (KO) fell 0.68%, Costco Wholesale Corporation (COST) declined 0.11%, and Philip Morris International Inc (PM) fell 1.08%. Estee Lauder Companies Inc. (EL) and Mondelez International Inc. (MDLZ) declined 0.21% and 0.47%, respectively.
In the financial sector, JP Morgan Chase & Co. (JPM) stock plunged 2.21%, the Bank of America Corporation (BAC) fell 2.24%, and Wells Fargo & Company (WFC) declined 2.84%. Morgan Stanley (MS) and Goldman Sachs Group Inc. (GS) were down 2.42% and 3.39%, respectively.
In the basic materials sector, Linde Plc (LIN) stock fell 1.12%, Sherwin Williams Company (SHW) fell 1.64%, and Ecolab Inc. (ECL) declined 0.87%. Freeport-McMoran Inc. (FCX) was down 2.08%, and Air Products and Chemicals Inc. (APD) fell 1.61%.
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Futures & Commodities
Gold futures declined 0.80% to US$1,790.35 per ounce. Silver futures decreased by 1.14% to US$22.277 per ounce, while copper climbed 0.31% to US$4.3083.
Brent oil futures decreased by 2.16% to US$71.93 per barrel and WTI crude futures were down 2.54% to US$69.05.
Bond Market
The 30-year Treasury bond yields increased 1.84% to 1.850, while the 10-year bond yields were up 0.34% to 1.421.
US Dollar Futures Index declined 0.02% at US$96.525.
