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    Latest news updates: Brazil confirms Latin America’s first reported cases of Omicron variant

    Wall Street shares fell on Tuesday as concerns over the potentially damaging economic consequences of the Omicron coronavirus variant and hawkish comments from the chairman of the US Central Bank swirled the market.

    Benchmark’s S & P 500 index fell 1.6%, eradicating the rise gained on Monday. The technology-intensive Nasdaq Composite also fell 1.4%.

    In a statement prepared on Monday, Federal Reserve Chairman Jay Powell said the increase in Covid-19 cases and Omicron variants “has a downside risk to employment and economic activity, and inflation is uncertain. Increase certainty. “

    Market movements were amplified by a proposal from Powell during Congressional testimony on Tuesday, and the US central bank may be open to accelerating its monetary tightening program to combat inflation.

    His comments helped boost short-term government bond yields, which track interest rate expectations, and squeezed long-term government bond yields that move with growth and inflation expectations. The Treasury yield gap between 5 and 30 years has narrowed the most since March 2020.

    The Treasury yield for the two years, which is particularly sensitive to interest rate expectations, rose 0.04 percentage points to 0.52 percent.

    Earlier, the European STOXX 600 index fell 0.9% after a trading volatile day marked by concerns about the possibility of new variants avoiding vaccines. The Hang Seng Index in Hong Kong and the Nikkei 225 in Tokyo each fell 1.6%.

    Read more about market movements that day here..

    Latest news updates: Brazil confirms Latin America’s first reported cases of Omicron variant Source link Latest news updates: Brazil confirms Latin America’s first reported cases of Omicron variant

    The post Latest news updates: Brazil confirms Latin America’s first reported cases of Omicron variant appeared first on California News Times.

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