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There was more blood on Wall Street Wednesday. Stocks and other risky assets fell while traders piled into safe-haven bonds.

The state of play: The S&P 500 fell to its lowest since March 11 with the Dow hitting its lowest since Feb. 11 and the Russell 2000 closing at its lowest since Jan. 30.

  • The Stoxx Europe 600 Index fell 1.4% to the lowest since Feb. 21.
  • The MSCI All-Country World Index declined 1.1%, the lowest since February.
  • The yield on 10-year Treasuries touched the lowest since September 2016.
  • Germany's 10-year government bond yields hit their lowest in about 3 years.
  • Benchmark 10-year yields on Japanese government bonds fell to the lowest in almost 3 years and had the largest decrease in almost 6 weeks.

What they're saying: "The 2019 rally has been driven by 1) A dovish pivot by the Fed (no more hikes), 2) An expected U.S.-China trade deal, 3) Stable U.S. and global economic growth and 4) Better-than-feared earnings. Three of those four factors got significantly worse last week," said market analyst Tom Essaye in his Sevens Report newsletter.

  • "The 2019 rally can likely survive the loss of any one factor (which is why the breakdown in U.S.-China trade hasn’t caused a deeper correction), but it likely cannot withstand the loss of any two factors. Right now, we have three of the four teetering."

Go deeper: The stock market has entered "The Twilight Zone"

Go deeper

2 hours ago - Health

WHO: Not yet known whether Omicron leads to more severe disease

Photo illustration: Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

The World Health Organization on Sunday said that it is not yet clear whether the newly discovered Omicron variant is more transmissible than other strains of the COVID-19 virus.

Why it matters: The agency's statement comes as the variant, discovered in South Africa, has already been detected in European and Asian countries.

7 hours ago - Health

Fauci: Omicron variant will "inevitably" be found in U.S.

Photo: Chip Somodevilla/Getty Images

Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases, cautioned on Sunday that the COVID-19 Omicron variant will "inevitably" be found in the United States.

Driving the news: Fauci, Biden's chief medical adviser, told ABC's George Stephanopoulos on "This Week" that U.S. officials will meet with colleagues from South Africa later on Sunday to try to determine the severity of the cases, as countries scramble to learn more about the variant.

Updated 9 hours ago - Politics & Policy

Dems fear supply-chain blame

Illustration: Aïda Amer/Axios

As supply-chain kinks drive up prices and disrupt holiday shopping, Democrats are scrambling to show action and deflect blame.

Why it matters: With their party controlling both the White House and Capitol, vulnerable Democrats worry supply-chain snafus will hurt them in next year's midterms.