Why is the stock market currently down? Is it just because of omicron and rate hike fears?

The most probable reason pegged to the dip in prices yesterday was due to the rise in bond yields to 1.8%. This may have been caused by Goldman Sachs estimating Fed was gonna cater for 4 rate hikes this year and will start disposing off its balance sheet assets. So it's kindda a double whammy for real rates - rise due Fed's direct action and when Fed runoff it's balance sheet positions that are in government bonds / T-bills, dip in bond prices will mean a higher yield = rise in interest yield also.

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Beneficial to banks if they are able to ensure money loaned out can be repaid, beneficial to price inelastic companies e.g. consumer staples. Hence we see Singapore banks constantly hitting new ATHs these few days

Killing those stupid small cap growth companies, a new round of elimination 🤣~ so many companies raise ton of $ with only few products, and people are crazy about it~ need to correct the valuation for now