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Dow futures declined Investors reassessed the risks of Covid Omicron’s new variant and lowered 400 points or more than 1 percent on Tuesday. S&P 500 futures fell about 1% and Nasdaq futures dropped 0.5%.

Stocks saw a reboundMonday with the NasdaqThe increase was close to 1.9% S&P 500The increase was 1.3% Dow Jones Industrial AverageUp almost 0.7% Wall Street just came off Friday’s holiday-shortened session. During that time, all three benchmarks were down more than 2% since omicron was known. Heading into the last day of November, the Dow was lower for the month, while the S&P 500 and Nasdaq were higher for the month.

Federal Reserve Chairman Jerome PowellPrepared remarks: is set to tell a Senate Banking Committee hearingOn Tuesday, he stated that the coronavirus variant and the increase in coronavirus cases have created a danger to the U.S. Economy and will muddle the already-uncertain inflation outlook. “Higher fears about the virus may reduce the willingness of people to work in person. This would slow progress on the labor market, and cause more supply-chain disruptions.” Treasury Secretary Janet YellenPowell is joined by Powell in presenting their quarterly reports to Congress under the March 2020 Covid legislation for economic relief. They are before the House Financial Services Committee on Wednesday.

Expert advisors are available to the Food and Drug Administration are expected to voteTuesday, May 22nd: Recommendation of authorization MerckThe antiviral Covid pill. U.S. drugmaker said Friday that it had reduced hospitalizations by 30%. Data from its study’s late stage showed more than 1400 patients. The company had previously reported a reduction of 50% using data from 775 patients. Analysts expect to see the Merck drug, and another similar oral treatment. Pfizerto be licensed as essential therapeutic tools that may be taken at-home as soon as Covid symptoms occur.

President Joe BidenOn Monday, he said that he didn’t anticipate the U.S. to place additional restrictions on travel to stop the spread of the omicron. On Monday, the United States temporarily barred visitors from South Africa. This is where researchers first identified the strain. It also banned travelers from Botswana and Zimbabwe. The extent of this variant’s spread will dictate whether further travel restrictions are required. Biden said at a news conference. He said, “I don’t anticipate that at the moment.” He also stated that he does not believe lockdowns should be necessary.

Federal Trade Commission is investigatingWhether supply chain disruptions can cause consumers to pay higher prices. This order was placed by the agency Walmart, AmazonThis will allow them to share detailed data with other important food suppliers. In a statement, the FTC stated that the purpose of this investigation was to find out if there have been any supply chain problems, such as bottlenecks, anticompetitive practices and higher prices. This probe is being conducted as Biden’s administration fights an increase in inflation.

— Reuters contributed to this report. All market action can be followed like a professional. CNBC Pro. The latest information on pandemics is available here CNBC’s coronavirus coverage.