Good evening.
Stocks tumble, first U.S. case of Omicron variant reported, and Ray Dalio says cash is not a safe investment.
Let’s dive in.
Markets
Here are today’s market moves:
What Happened?
U.S. stocks fell on Wednesday after the first known case of the Omicron variant was identified in the U.S.
Market indexes were up earlier in the day but then fell sharply after the report.
The emergence of Omicron creates short-term uncertainty (markets don’t like uncertainty).
If Omicron becomes a problem longer-term, this could prompt the Fed to support the economy for longer, which would actually be good for stocks.
The crypto market fell on Wednesday, with Bitcoin trading near $56.5k, as digital assets fell alongside stocks.
Catch Up
U.S. consumer confidence fell to a 9-month low in November.
Billionaire Ray Dalio says cash is not a safe investment because it will be taxed by inflation.
The United States confirms its first case of the new, heavily mutated coronavirus variant called Omicron, in Northern California.