U.S. stock futures were not affected by overnight trading Monday, after major averages began the week red due to Covid omicron concerns.

Futures contracts linked to the Dow Jones Industrial Average increased 45 points. S&P 500 futures were up 0.11%, while Nasdaq 100 futures were 0.08% higher.

During regular trading, the Dow slid 0.89%, or 320 points, while the S&P 500 dipped 0.9%. Nasdaq Composite lost 1.39% due to investors moving out of tech stocks at high valuations.

The omicron variant of travel could cause slowdown in the industry, causing shares of cruise and airline operators to drop.

While equity markets fell on Monday, areas that are geared towards growth outperformed. The iShares Russell 1000 Value ETF fell 0.45%, and the iShares Russell 1000 growth ETF dropped 1.22%.

When November’s producer prices index number is released, the market will have fresh inflation data. Dow Jones forecasts that it will show that prices rose 0.5% during November, which is what economists believe. This would indicate a small increase in prices. slowdownOctober saw a 0.6% increase.

Also, on Tuesday the Federal Reserve begins its two-day session. On Wednesday, the central bank will issue a statement with its quarterly projections on inflation, interest rates and economy. Jerome Powell, Chairman of the central bank will hold a press conference.

The Federal Reserve will provide commentary on whether it plans to speed up the end of its bond buying program. Investors will closely be following the developments. Currently, central bank’s asset-buying program is set to end June 2022. several officialsHave discussed ending purchase sooner.

“So far the bond market has given the Fed a pass on inflation — whether it will continue to do so is in doubt,” noted Willie Delwiche, investment strategist at All Star Charts. He added that “the real fireworks” from the meeting were likely to revolve around rates hikes expected in 2022.

Despite Monday’s decline for equities, the S&P 500 is roughly 1.6% below its Nov. 22 all-time intraday high. The Dow has fallen 2.5% from its records, and the Nasdaq Composite is 5% below its high-water mark. Russell 2000 has fallen 11.3% sharply since Nov. 8, when it was at its highest.

Some strategists believe that equities have upside in the future, according to Ryan Detrick of LPL Financial.

He wrote to his clients that “we believe pent-up growth, steady improvement in supply chain problems, solid labor force and productivity gains all will help to achieve another year above-trend in economic growth in 2022.” He said that while there are still risks associated with COVID-19 and the possibility of a policy error may increase as the economy normalizes, he believes the environment overall will support business growth and eventually equity markets.