Dow falls 465 points amid Omicron fears and Manchin’s rejection of Biden’s spending bill

Dow falls 465 points amid Omicron fears and Manchin’s rejection of Biden’s spending bill

US stocks tumbled more than 1% on Monday amid rising fears of the spread of the COVID-19 Omicron variant, and Senator Joe Manchin's rejection of President Biden's spending bill. COVID-19 daily cases continue to rise in the US, with the 7-day average hovering around 130,000. But that number as the holiday travel season picks up. "Cases might soar to 250,000 to 300,000, maybe 500,000 within a few weeks," Fundstrat's Tom Lee said in a Monday note to clients. But while Omicron's surge seems inevitable in the US, the US to institute a new set of lockdowns to combat the virus, rather counting on vaccines, new antiviral therapies, and social distancing and mask wearing. Meanwhile, plan means there is now little chance of passage for the social spending bill. That has the potential to hurt the economy, according to Goldman Sachs, due to Manchin's decision. Instagram is working to as its parent Meta goes all-in on the metaverse. A potential integration could enable people to bid for NFTs directly on Instagram. An offered an in-depth look at how the crypto billionaire built his empire through FTX. Here are from the interview. The surge in cryptocurrencies this year has led to concentrated