Small-Cap Stocks Hit Hard by Covid-19 Omicron Variant

The emergence of the Covid-19 Omicron variant has pummeled small-cap stocks.

The Russell 2000 benchmark has dropped 7.4% since Thanksgiving, when the fast-spreading new variant made headlines. Last week, the index fell into a correction, declining more than 10% from its November record. The S&P 500 large-cap index, by comparison, has shed 3.5% since the variant news.