The major US indices are closing lower on omicron fears.

• The Dow, S&P and NASDAQ are on pace for their fifth negative session in six trading days.
• The Dow industrial average was down just short of 700 points or -1.98% at it’s lows
• The NASDAQ index fell as much as -2.04% at it’s lows
• The S&P index fell -1.94% at it’s lows
• The S&P index low price got closer to the 100 day moving average at 4523.05. The low for the day reached 4531.10

The final numbers are showing:

• Dow industrial average felt -433.30 points or -1.23% at 34932.17
• S&P index -52.6 points or -1.14% at 4568.02
• NASDAQ index -188.73 points or -1.24% at 14980.95
• Russell 2000 fell -34.05 points or -1.57% at 2139.87

The US major indices all closed lower today. The Dow industrial led the way with a -532 point decline more -1.48%. The NASDAQ index was the best of the worst day modest -0.07% one

The small-cap Russell 2000 but to the trend with a gain of 1%.

The final numbers are showing:

• Dow industrial average -532.29 points or -1.48% at 35365.36
• S&P index fell -48.05 points or -1.03% at 4620.62
• NASDAQ index fell -10.76 points or -0.07% at 15169.67
• Russell 2000-21.47 points or 1.0% 2173.93

For the week the results are disappointing as well:

• Dow industrial average fell -1.59%
• S&P index fell -1.85%
• NASDAQ index felt -2.89%

Other highlights:

• the Dow posted its fifth weekly loss in six trading weeks
• NASDAQ index closes around 6% from its all-time high
• Dow industrial average closes at 3% below its record high close
• S&P index closes nearly 3% off its all-time highs

Technically, the NASDAQ index is closing just above its 100 day moving average at 15164.96. The low for the day at 14960.37 came up short of the swing low from December 3 at 14931.06.

The relief rally after the FOMC meeting yesterday lost it’s sheen today with the NASDAQ index the hardest hit. Yesterday the NASDAQ rose 327 points today the index fell -385 points giving up all that’s gains. The S&P index and Dow industrial average also fell with the Dow marginally lower as flow of funds went more into the cyclical/defensive shares.

The final numbers are showing:

It was not like he wasn’t full speed ahead to taper and even tighten, but the market took the news in stride and moved higher. It may be that growth is high which is good, and perhaps a belief that inflation is also high but also has some extra stuff (supply chain) that will fade away over time. Now it may be that today’s gains may lead to tomorrows losses, but for now, the markets are closing with solid gains.

Highlights:

• the NASDAQ index is now 6% from its all-time high close.
• The S&P index is 2% off its all-time close which was just on Friday
• The major indices are down for the first two days of this week
• Tech was the worst performing sector

PPI at record levels soured the mood as it moved to +9.6% for the year. Other than that, the market was quite and void of news as traders prepare for the FOMC decision tomorrow and other central bank decisions on Thursday (SNB, ECB and BOE).

The final numbers are showing:

• Dow industrial average -106.79 points or -0.30% at 35544.17. The low reached -0.59%
• S&P index -34.88 points or -0.75% at 4634.10. The low reached -1.35%
• NASDAQ index -175.63 points or -1.14% at 15237.65. The low reached -2.05%
• Russell 2000 index is trading down -20.84 points or -0.96% at 2159.65.