Latest news updates: CDC says all U.S. adults should receive Covid-19 booster in extension of recommendation

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Naomi Rovnick in London, William Langley in Hong Kong and Nicholas Megaw in New York

U.S. stocks rallied partially on Monday after news of the Omicron coronavirus variant triggered a steep decline late last week, as investors settled in for another period of uncertainty over the pandemic.

Wall Street’s benchmark S&P 500 gained 1.3%, after falling 2.3% in a truncated trading session on Friday.

Tech stocks, which were among the biggest gainers in previous phases of the pandemic, again led the gains on Monday. The tech-rich Nasdaq Composite index rose 1.9%, while the Nasdaq 100 index of the largest stock exchange companies rose 2.3%, reversing all of Friday’s losses.

Analysts warned, however, that markets would remain volatile as investors awaited more information on the potential of the new variant to alter the trajectory of economic growth.

The yield on the benchmark 10-year US Treasury bill, which increases when prices fall, increased 0.03 percentage points to 1.51%. Friday marked its biggest price increase since March 2020, as investors sought “safe haven” assets.

The euro fell 0.3% against the dollar to $ 1.128 after EU countries issued travel restrictions.

The Vix, a measure of the expected volatility of the S&P 500, fell from its highest level since March but remained slightly elevated at 23. Its long-term average is around 20.

Learn more about today’s market movements.

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