Stocks are down today and we’re diving into why in our Monday market update!
It looks like politics is the biggest factor affecting the stock market today. That includes Omicron fears as well as Democrats running into issues with their Build Back Better legislation.
Jumping into the Omicron news, President Joe Biden is preparing for a statement tomorrow. This will have him addressing what unvaccinated individuals can expect for the holidays and winter overall.
We got a glimpse of that last week when the President put out the following statement.
“For unvaccinated, we are looking at a winter of severe illness and death — if you’re unvaccinated — for themselves, their families, and the hospitals they’ll soon overwhelm.”
Another factor behind why stocks sare down today has to do with Build Back Better legislation running into a roadblock. Democrat West Virginia Sen. Joe Manchin announced that he won’t vote in favor of the bill.
The Build Back Better plan includes funding for a vast array of projects that President Biden wants underway. That includes upgrading America’s infrastructure, putting a larger focus on renewable energy, as well as incentivizing a switch to electric vehicles (EVs).
While that all sounds good on paper, Republications aren’t sold on the massive amount of spending such moves would require. That causing conflict in Congress and Sen. Manchin siding with them would be enough to block the bill’s passing.
With the above factors in mind, keep an eye on travel stocks, such as American Airlines (NASDAQ:AAL) and Marriott International (NASDAQ:MAR), as well as EV stocks, including Blink Charging (NASDAQ:BLNK) and Tesla (NASDAQ:TSLA), in the coming days.
Investors looking for more stock market news today will want to stick around.
We’ve got all the latest stock news that traders need to know about for Monday. A few examples include what’s happening with shares of Society Pass (NASDAQ:SOPA), Nio (NYSE:NIO), and Oracle (NYSE:ORCL) today. You can find all of that at the following links!
More Monday Stock Market News
- SOPA Stock: 11 Things to Know About Newly Public Society Pass as It Joins the Russell 2000
- NIO Stock: The ET5 Sedan and 7 Other Things to Know About Nio Day 2021
- ORCL, CERN: 11 Things to Know as Oracle Buys Cerner in $28.3B Mega Healthcare Move
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.