US stocks extend losses as new tapering comments from Fed Chair Powell stoke rate-hike concern

• US stocks extended earlier losses on Tuesday after tapering comments from Fed Chair Jerome Powell stoked rate-hike fears.
• Investor nerves were already rattled after Moderna's CEO expressed reservations about the efficacy of his vaccine against the new strain.
• The 10-year Treasury note yield slid.

US stocks extended earlier losses on Tuesday following $4. The Fed Chair mulled an earlier-than-expected end to bond tapering, and also remarked that inflation can no longer be considered "transitory."

Major indexes already opened lower on Tuesday after $4 CEO expressed reservations about the efficacy of his company's existing vaccine against the new coronavirus strain.

Here's where US indexes stood as of 11:55 a.m. ET on Tuesday:

• S&P 500>$4: 4,569.72, down 1.8%
• Dow Jones Industrial Average>$4: 34,485.37 (651 points), down 1.9%
• Nasdaq Composite>$4: 15,478.12, down 1.9%

Investors are trying to assess the threat and gravity of Omicron especially as major global economies seem to be on the cusp of a recovery. The strain was deemed a "$4" by the World Health Organization, in part because preliminary evidence suggests it may increase the risk of reinfection with COVID-19.

It did not help that Moderna's boss, Stephane Bancel, told the $4 Tuesday "there is no world" in which vaccine effectiveness is the same against Omicron as against the Delta variant. He added that it will likely take months for vaccine-makers to develop and distribute large numbers of effective shots.

Other drugmakers, such as $4, have also thus far not shed much light on the $4 against Omicron. Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, over the weekend warned that the US might enter a $4 of infections.

"This whipsaw price action could become a regular feature over the next couple of weeks as information on the variant trickles out," said Craig Erlam, senior market analyst at Oanda. "For now, markets will remain very sensitive to indications that vaccines may not protect us this winter as much as we hoped."

After the Dow $4 on Friday to its largest Black Friday selloff since 1931, equities $4 Monday. Many analysts have maintained their relatively $4 for stocks.

Bond yields, which move inversely to prices, fell with the key $4 yield sliding to 1.448% from Monday's 1.529%.

Oil prices slipped Tuesday, $4 all of the previous day's gains. $4 oil slipped 3.12% to $67.77 per barrel. $4, oil's international benchmark, fell 3.26% to $71.03 per barrel.

The Organization of the Petroleum Exporting Countries, due to meet Thursday, is expected to decide whether it will pause supply increases or not.

$4 rose as much as 0.49% to $1,795.76 per ounce.