Wall Street put the brakes on its rhythm of losses on Monday as traders began buying after five days of lows in what was the deepest and longest run of losses since September.
Investors have been cagey amid expectations that the Federal Reserve could raise interest rates as soon as March, while the rapid spread of the Omicron variant threatens economic growth.
During Monday’s trading, the S&P 500 (SPX) recouped much of its losses after a 2% drop at the start of the day, driven by indications that Omicron may have peaked in New York. The Nasdaq 100 (NDX) closed with gains after mass sales of Apple Inc. (AAPL) and Microsoft Corp. (MSFT) shares pushed it down to 8.5% below its November record.
“There are some real risks regarding the increase in rates, but if you look at some of the major technology companies that are falling, but those companies have a huge cash reserve,” Sylvia Jablonski, director of investments at Defiance ETFs, told Bloomberg. “We are in a good place, and there are big opportunities for buying at this time”.
Latin America
In Latin America, Argentina’s Merval posted the sharpest losses in the region, with 0.78%, while Brazil’s Ibovespa (IBOV) slid 0.75%.
