Omicron worries tempered
The S&P 500 is trading at session highs with a 1.3% gain and is back above its 50-day moving average (4543). Omicron worries are being tempered after the second reported case of the variant in the U.S. was shown to have mild symptoms that resolved (like the first case). Coupled with the recognition that vaccines will likely protect against severe disease, investors have been encouraged to buy the dip. To be fair, it's still too early to be making assumptions on the Omicron variant, but the early indications are promising for vaccinated people. The 10-yr yield has gone from 1.41% to 1.44% over the past couple of hours.