It’s time for a midday market update for Tuesday and we’re diving into why stocks are down today!
The biggest concern on investors’ minds today easily has to be the Covid-19 Omicron variant. News of this new variant has investors wary once again as fears of additional lockdowns or restrictions spread.
So what exactly does this affect? Consider travel stocks, such as Southwest Airlines (NYSE:LUV) or American Airlines (NASDAQ:AAL), that would be hurt by decreasing travel. You can also expand that out to connected companies, like jet maker Boeing (NYSE:BA), which wouldn’t benefit from additional travel restrictions.
The retail sector is another one to consider when tackling why stocks are down today in our midday market update. Many, including Macy’s (NYSE:M), are only just now starting to recover from the damage the initial wave of coronavirus did. After all, scared shoppers aren’t as likely to risk hitting up malls during a pandemic.
Of course, we can’t just blame everything in Omicron. Continuing issues with inflation are another concern that investors have. Federal Reserve Chair Jerome Powell recently addressed these in a meeting with the Senate Banking Committee. Here’s a snippet of that from Yahoo Finance!
“At this point the economy is very strong and inflation pressures are high, and it is therefore appropriate, in my view, to consider wrapping up the taper of our asset purchases, which we announced at the November meeting, perhaps a few months sooner. I expect we will discuss that at our upcoming meeting.”
Investors seeking our more stock market news will want to keep reading!
We’ve got all the latest coverage traders need to know about for Tuesday. A few examples of that include Amazon (NASDAQ:AMZN) union talk, details on Matterport (NASDAQ:MTTR), and what to know about Roundhill Ball Metaverse ETF (NYSE:META). You can find all of that at the links below!
More Tuesday Stock Market News
- Amazon’s Alabama Workers Get Second Shot at a Union. What Does That Mean for AMZN Stock?
- Spatial Computing Stocks: 14 Things to Know About Matterport as MTTR Gives Back Some Gains Today
- META ETF: 10 Things to Know About the Roundhill Ball Metaverse ETF
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.