The stock market hasn’t been doing so hot lately and we’re diving into why stocks are down today.
A big reason that the stock market is slipping on Friday has to do with the ongoing threat of Covid-19 variant Omicron. Investors are still unsure how the coronavirus variant will affect markets and that’s hurting trading confidence.
Part of that is due to concerns surrounding an Omicron winter. Basically, experts are expecting cases of the coronavirus to soar higher as we enter flu season, which also comes with increased travel and get-togethers for the holidays.
There’s more than just Omicron to consider when looking at why stocks are down today. We’ve also got to mention the recent performance of tech stocks and how they are affecting the overall market.
Tech stocks started taking a beating on Thursday after the Federal Reserve provided an update for 2022. The Fed is planning to slow down its asset purchases. In addition to that, there’s plans for several interest rate hikes next year.
That’s affecting tech stocks, including Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL), as traders flee growth companies. Rather than place their bets on those stocks, investors are retreating to consumer favorites to weather the interest rate hikes coming next year.
The Nasdaq has been particularly affected by this has as its filled with tech stocks. As of this writing, it’s hovering around yesterday’s close, which is an improvement over the slipping it saw this morning. Even so, we have to note that it’s been trending downward throughout the week.
Investors that want to learn more about what the stock market is doing today will want to keep reading!
We’ve got all the most recent stock stories traders need for Friday. Among them is Rivian Automotive (NASDAQ:RIVN) stock falling on earnings, Flipkart discussing IPO plans, as well as what has Chinese stocks falling today. You can find all of that at the following links!
More Friday Stock Market News
- Rivian Stock Plunged on Earnings. One Analyst Says It Was ‘Good Out of the Gate.’
- Flipkart IPO? The Latest News on When the “Amazon of India” Plans to Go Public
- Chinese Stocks Alert: What Is Going on With FUTU, TIGR Stocks Today?
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.
