IPO - Omicron Fed Weigh On Stocks

Stocks had a losing week amid much volatility. The omicron strain of Covid-19 rattled markets and hawkish comments by Fed Chair Jerome Powell added to the risk-off mood. Today's non-farm payrolls report delivered a rising labor participation rate, which ramped up expectations for less Fed accommodation. At the time of this writing (3:30 p.m. on Friday) the Nasdaq (COMP.IND) was down 5% week-over-week whilst the S&P 500 (SP500) and Dow Industrials (DJI) had fallen about 3.7% and 3.6%, respectively. Winners & Losers Volatility was the big winner as the VIX rallied to a 10-month high. Among equities, communications services stocks were some of the biggest losers. Facebook (FB), Twitter (TWTR), Snap (SNAP) and Pinterest (PINS) were all down multiple percentage points. Pandemic favorites like Netflix (NFLX), Zoom Video (ZM), and Docusign (DOCU) also saw heavy selling, with the latter dropping by 40% after disappointing investors with its earnings report. Salesforce

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Omicron, Fed Weigh On Stocks