imo the markets are looking to sell - if omicron proves to be mild, and I hope it does, then replace omicron with inflation
as an aside I am watching the South African NICD (their CDC) https://www.nicd.ac.za/, the COVID positivity rating is now 16.1, yesterday it was 14.9, prior to omicron detection it was under 5 where it should be. The main thing I am looking at is their hospitalisation rate, which news reports say has tripled, early days but if that rate can stay in check then hopefully omicron will be mild.
