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Naomi Rovnick in London, William Langley in Hong Kong and Nicholas Megaw in New York

US stocks partially recovered on Monday after news of the Omicron coronavirus variant triggered a sharp sell-off late last week, as investors settled in for a renewed period of uncertainty over the pandemic.

Wall Street’s benchmark S&P 500 index gained 1.3 per cent, after falling 2.3 per cent in a truncated trading session on Friday.

Technology stocks, which were some of the biggest winners during earlier phases of the pandemic, led the gains again on Monday. The tech-heavy Nasdaq Composite index rose 1.9 per cent, while the Nasdaq 100 index of the largest companies on the exchange rose 2.3 per cent, reversing all of Friday’s losses.

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Analysts cautioned that markets would remain volatile, however, as investors awaited more information on the potential of the new variant to alter the path of economic growth.

The yield on the US benchmark 10-year Treasury note, which rises when prices fall, rose 0.03 percentage points to 1.51 per cent. Friday had marked its sharpest price increase since March 2020 as investors sought “haven” assets.

The euro fell 0.3 per cent against the dollar to $1.128 after nations across the EU issued travel restrictions.

The Vix, a measure of expected volatility of the S&P 500, declined from its highest level since March but remained slightly elevated at a reading of 23. Its average over the long run is about 20.

Line chart of Two day performance (%) showing US stocks rebound from Friday sell-off

Read more about the day’s market moves.

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