The Omicron variant also hurt the initiative of investors who stopped their purchases for fear of a paralysis of the world economy after the S&P 500 index reached an all-time high at the close of last week.
The declines were led by technology-related large caps, with Salesforce.com, Microsoft Corp, Adobe and Alphabet Inc trailed the S&P 500 and the Nasdaq.
Apple Inc down 0.8%But it ended far from its session lows after the iPhone maker said it would require customers and employees to wear masks in its stores in the face of rising Covid-19 cases.
On the other hand, data from the Department of Labor showed that The producer price index (PPI) for final demand in the 12 months to November soared 9.6%, its largest increase since November 2010.
About two-thirds of Nasdaq stocks were trading below their 200-day moving average.according to Refinitiv data, suggesting that many index stocks are struggling, although the overall index remains just 6% below its record close in November.
“The Covid plus inflation is the Grinch who stole Christmas”said Jake Dollarhide, CEO of Longbow Asset Management. “I’m not underestimating the fact that there are some big names on the Nasdaq giving up some of their big gains. When the leaders fall, it’s not a good sign.”
Source From: Ambito
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