The Dow fell more than 530 points Friday, about 1.5%, as fears grew that the Fed could potentially cause an economic slowdown by tightening too aggressively.
The tech stock heavy Nasdaq has fallen 6% from its record high, putting it closer to 10% correction status.
Airlines and other leisure and hospitality stocks have fallen recently, too, an indication that investors are wary of Omicron’s impact on travel.
For what it’s worth, investors still seem to be more nervous about what the Fed is going to do than Covid shutting down the economy the way it did in March 2020.
But the spike in consumer prices is still more of a market obsession.