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Stocks on a rollercoaster ride: Triple witching, Omicron updates, and possible US sanctions on Russia and China

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US stocks went on a rollercoaster ride as investors continue to digest incremental omicron updates, geopolitical tensions increase as the US considers sanctions on Russia and China, and on added volatility from triple witching.

The Nasdaq recovered earlier losses and turned positive as some traders covered shorts.  Trading will remain very choppy for the rest of the year as investors grapple falling trading volumes over the coming sessions. 

Now that South Africa has been dealing with omicron for the last few weeks, traders are closely looking to see how much of an increase they have with hospitalizations and deaths.  Friday’s South African COVID data provided some optimism as hospitalization rates declined as 1.7% of COVID cases were admitted to hospitals. Omicron was always viewed as more transmissible and optimism still remains that it might not cause more severe illness than delta.  The Moderna and Pfizer vaccines appear to be holding up nicely against omicron and that should allow optimism that countries that are using those vaccines should not have waves that are too disruptive with severe restrictions.    

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Ed Moya

Ed Moya

Contributing Author at OANDA
With more than 20 years’ trading experience, Ed Moya was a Senior Market Analyst with OANDA for the Americas from November 2018 to November 2023. His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies. Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal. Ed holds a BA in Economics from Rutgers University.
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