By Shreyashi Sanyal

(Reuters) – U.S. stock futures fell more than 1% Monday as concerns over the effects of tighter global economic restrictions dragged them down. This is because the Omicron coronavirus virus spreads quickly around the globe.

Fears about the potential for global infection from this new variant have risen in financial markets as Britain and Europe weigh curbs on Christmas.

The premarket was the worst for travel stocks. United Airlines fell 3.4%, leading declines among the major U.S. airlines. A 4% drop in premarket trading was also reported by Royal Caribbean (NYSE: ) Cruises was the leader among all cruise operator’s that fell.

Stocks with mega-cap growth continued their slide from the previous session. Tesla (NASDAQ) Inc, Apple Inc(NASDAQ:), Meta Platforms were among them. Microsoft Corp (NASDAQ:) Down between 1.4% & 2.2%

Russ Mould from AJ Bell’s investment director wrote to clients, “Markets have finally been knocked down after battling endless headwinds these past weeks as Omicron rapid spread finally reaches panic mode.”

U.S. U.S. Senator Joe Manchin declared on Sunday that he will not vote for President Joe Biden’s domestic investment bill of $1.75 trillion.

In response to Manchin’s remarks, Goldman Sachs (NYSE 🙂 has lowered its U.S. GDP projections quarterly for 2022.

At 6:12 AM. ET were down 373 point, or 1.6%. They were also down 54.5 points (1.18%) and down 214 points (1.36%).

With the decline in energy and industrial bellwethers, Chevron Corp (NYSE :), 3M Co. Caterpillar Inc (NYSE: ) each falling more than 2%

Wall Street’s major indexes fell Friday after market participants digested last week’s Federal Reserve decision to reduce its stimulus during a pandemic.