(Bloomberg) Losses sustained in industry-wide rout led by commodity and financial markets are setting the US S&P 500 for the biggest three-day losses since May.
The S&P 500 extended declines with a 1.7% fall as of 10:30 a.m. New York on Monday. The West Texas Intermediate crude traded 5.6% down to $66.91 a barrel as sentiment weakened.
The fall in the S&P performance reflects rising investor concerns over the rising Omicron variant and standoff over President Joe Biden’s $2 trillion spending package.
Dampened sentiment elsewhere also weakened S&P outlook, with Europe instituting restrictions to curb the rising cases while the UK says it could put in place control measures before Christmas.
UBS Global Wealth Management says the markets are pricing the Omicron concerns. The strategists do not expect the gradual monetary tightening to end the equity rally.
S&P 500 is down -1.83%.
