U.S. stock futures were rising on Tuesday, following a sharp selloff driven by concerns over the omicron coronavirus variant and the fate of a key spending bill for the administration of President Joe Biden.
What’s driving the market? Monday’s volatile action saw the S&P 500 post its biggest three-day percent slide since Sept. 30 and the Nasdaq’s worst such drop since May 12. Markets were hit first by surrounding fears over rising COVID-19 cases from the omicron variant. The second blow came Sen. Joe Manchin said on Sunday that he couldn’t support Biden’s$2 trillion spending plan. “That’s $2 trillion that won’t hit the market so soon and help companies boost business at a time when the Federal Reserve will be throwing less money onto the financial markets,” said Ipek Ozkardeskaya, senior analyst at Swissquote, in a note to clients.
“With the rising volatility, we could see Santa taking back the reins from Manchin for the next couple of sessions. Low trading volumes could help exacerbate any rebound,” said Ozkardeskaya.
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