MARKET RECAP

• The S&P fell by 1.9% making that three weekly losses in the last four.
• Two market leaders, MSFT and AAPL, that have been holding up the market, fell by 5.5% and 4.6% last week.
• The Fed is signaling three interest-rate increases next year and tapering is now set to finish in March instead of June.
• The Omicron variant is spreading like wildfire. The variant does not appear to be as severe but it is much more contagious. Third doses of Moderna or the Pfizer vaccine seem to offer some protection from severe cases. New York hit a record number of cases on Friday. Covid hospitalizations are up 45% over the last month.
• The average stock is 28% off its high.
• The five-year breakeven inflation rate is now 2.65%, that is down from 3.17% last month.

SCOREBOARD