Global stock prices slumped on Tuesday, as fears about the potentially damaging economic effects of the Omicron coronavirus variant and hawkish comments from the chair of the US central bank swirled through financial markets.
The benchmark S&P 500 index closed the day down 1.9 per cent, erasing gains made on Monday. Since news of the Omicron variant hit markets on Friday, the S&P has fallen by 2.9 per cent. The technology-heavy Nasdaq Composite share gauge was down 1.6 per cent at the bell.
In prepared remarks on Monday Jay Powell, Federal Reserve chair, said rising Covid-19 cases and the Omicron variant “pose downside risks to employment and economic activity and increased uncertainty for inflation”.
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