The numbers: The Empire State survey of business conditions nosedived to -0.7 points in January from 31.9 in the prior month, the New York Federal Reserve said, reflecting fresh strains from omicron as well as ongoing supply-chain bottlenecks.
Economists had expected a reading of 25.5, according to a survey by The Wall Street Journal.
Any reading below zero indicates worsening conditions.
Market reaction: The Dow Jones Industrial Average
DJIA,
and S&P 500
SPX,
were set to open lower in Tuesday trades. Omicron and the prospect of U.S. interest rates rising soon have deflated equities markets lately.
