Stocks fell again Monday on concerns about Omicron and Senator Manchin blocking the Build Back Better stimulus bill. The S&P was -1.14%, the NASDAQ -1.24% and the Russell -1.57%. NYSE + NASDAQ Advancers to Decliners were 1,933 to 6,121 on volume of 9.2 billion shares. The NASDAQ closed at 14,981 – its first close below the important 15,000 level since October 18th.
On the Omicron front, one concern is that the vaccines may not work on the variant. For instance – as Mark Minervini pointed out in the above tweet – COVID is surging among NFL players despite 97% of them reportedly being vaccinated. With the labor market already extremely tight, this could further exacerbate strains on the supply chain. Lockdowns would obviously wreck the service economy as they did in 2020.