US Markets jolted by the first confirmed case of Omicron in California

Wall Street had investors on another roller-coaster ride Wednesday, as an early stock market rally reversed course and left indexes with more losses as US confirmed the first case of the new variant on it's shores.

Also read/watch: First confirmed US case of Omicron coronavirus variant detected in California

Markets turned cautious again, erasing early gain and ending lower as investors try to handicap how much the new coronavirus variant will impact the economy.

The latest roller-coaster ride brought the S&P 500 index up 1.9% in the morning and down 1.2% by the closing bell.

The afternoon reversal is the latest dizzying move in recent days as the omicron variant spreads. Travel stocks were the biggest losers following news of the first case on U.S. shores.

Wall Street was already headed lower in the afternoon when the White House announced that the first confirmed case with the omicron variant had been found in the U.S., in a person who recently returned from South Africa and was quarantined in California.