(Bloomberg) — Stocks fluctuated as investors awaited clarity on the economic impact of the omicron coronavirus variant and the outlook for fiscal stimulus.
The S&P 500 was little changed after Tuesday’s rally. The dollar retreated, while bonds wavered. Tesla Inc. rose as Elon Musk said he has disposed of enough shares to reach a target of reducing his stake in the electric-car maker by 10%.
The Biden administration expects to take delivery of 4 million courses of Covid-19 treatments by the end of January, according to officials familiar with the matter. South Africans contracting coronavirus in the current wave of infections are 80% less likely to be hospitalized if they catch the omicron strain, according to a study. Officials across the U.S. have pledged to avoid shutdowns, but a surge of cases is leaving some restaurants, shows and schools no choice but to close their doors.
“We’re not expecting any lockdowns or restrictions, but businesses have responded,” Aneta Markowska, chief financial economist at Jefferies, told Bloomberg Television. “Even if it’s just for a week, two weeks, that’s lost income.”
Bitcoin has breached the upper bound of the pennant technical pattern, which may signal higher prices ahead. Though, the largest cryptocurrency was down on Wednesday.
What to watch this week:
- Bank of Japan Governor Haruhiko Kuroda speaks Thursday
- U.S. consumer income, new home sales, U.S. durable goods, University of Michigan consumer sentiment, initial jobless claims. Thursday
- Friday: U.S. markets are closed. European markets close earlier
For more market analysis, read our MLIV blog.
Some of the main moves in markets:
Stocks
- The S&P 500 was little changed as of 9:59 a.m. New York time
- The Nasdaq 100 rose 0.2%
- The Dow Jones Industrial Average was little changed
- The Stoxx Europe 600 rose 0.3%
- The MSCI World index rose 0.2%
Currencies
- The Bloomberg Dollar Spot Index fell 0.2%
- The euro rose 0.2% to $1.1310
- The British pound rose 0.5% to $1.3328
- The Japanese yen fell 0.1% to 114.23 per dollar
Bonds
- The yield on 10-year Treasuries was little changed at 1.46%
- Germany’s 10-year yield advanced two basis points to -0.28%
- Britain’s 10-year yield advanced three basis points to 0.90%
Commodities
- West Texas Intermediate crude was little changed
- Gold futures were little changed
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