Omicron and Manchin deliver a one-two punch to global stock markets—crude, crypto and equites plunge

Omicron and Manchin deliver a one-two punch to global stock markets—crude, crypto and equites plunge

Crude, crypto, Treasury yields and global equities are taking a pounding on Monday. The culprits? D.C. politics and a new wave of pandemic lockdown measures.

The first jolt for investors landed like a gut-punch this weekend. West Virginia senator Joe Manchin went on Fox News Sunday to say he's a "no" on Build Back Better, putting the the Biden-backed $1.75 trillion domestic spending plan on thin ice. Within hours of the pronouncement, Goldman Sachs revised lower its outlook for 2022 U.S. economic growth.

On cue, U.S. futures sunk on Monday, with the Dow Jones Industrial Average futures off more that 450 points around 4 a.m. E.T. That's after stocks put up a big "L" last week—all three major averages fell, with the Nasdaq the worst of the trio. The tech-heavy index closed on Friday down nearly 3% for the week.