Dow drops nearly 700 points amid omicron threat, a session low

• Moderna CEO said he expects existing vaccines to be less effective against the Omicron COVID-19 variant

• 10-year Treasury yield fell to 1.44% after losing 9 basis points

U.S. market indexes dropped to their session lows on Tuesday, reversing Monday’s rebound, as investors reassessed risks associated after Moderna CEO warned on the effectiveness of COVID-19 shots against the Omicron variant.

Moreover, on Tuesday, Fed Chair Jerome Powell said the central bank would discuss speeding up bond-buying taper at its December meeting.