US stock futures struggle as Omicron stays in the driving seat, while bitcoin keeps sliding after a weekend rout

• US stock futures struggled for direction Monday on uncertainty over the Omicron variant of COVID-19.
• Dr. Anthony Fauci said "it does not look like there's a great degree of severity" in Omicron's effects on patients.

US stocks struggled to hold onto early pre-market gains Monday, as volatility driven by news around the Omicron coronavirus variant continued, while bitcoin kept slipping after a weekend battering and oil rebounded after a Saudi price rise.

Encouraging reports about the effects of the Omicron coronavirus variant had calmed some nerves earlier, but news of rising cases revived jitters. Concerns about Federal Reserve tightening and Chinese property sector risks also weighed on stocks.

Futures on the Dow Jones were up 70 points, or 0.25%. S&P 500 futures were broadly flat, while the Nasdaq was 0.5% lower as of 6:45 a.m. ET. US stocks tumbled Friday, after a week of whipsaw action in the wake of positive and negative Omicron developments.

A report by South Africa's Medical Research Council found COVID-19 patients needed less high-level care than in previous waves. And on Sunday, US medical adviser Anthony Fauci told CNN "it does not look like there's a great degree of severity" to Omicron.

"It seems that (Omicron) could be both more transmittable, but also less severe," Deutsche Bank analysts said in a Monday note. "How that impacts the world depends on the degree of both. It could be bad news, but it could also actually accelerate the end of the pandemic, which would be very good news."

The US added just 210,000 jobs in November, Friday's official figures showed, prompting markets to price in expectations the Fed will announce a faster taper of bond buying next week.

The yield on the 10-year US Treasury note rose 5.1 basis points to 1.39% on Monday, while the dollar was up 0.08% at 96.19.

In Europe, the pan-continental Euro Stoxx 600 gained 0.2%, while London's FTSE 100 was up 0.6%, and Frankfurt's DAX added 0.1%. Official data Monday showed German factory orders slumped 6.9% in October, weighed down by global supply-chain constraints.

In Asia, the pressure on China tech names continued in the wake of ride-hailing giant Didi delisting its shares in the US. The Hang Seng Tech Index fell 3.3% in Hong Kong. On Friday, the Nasdaq Golden Dragon China Index, which tracks US-listed companies exposed to China, fell more than 9%.

Chinese authorities stepped in to address Evergrande's troubles after the company said Friday there is "no guarantee" it would have enough funds to repay its debt obligations. The Chinese property development giant's shares in Hong Kong fell 12% to an 11-year low.

The Shanghai Composite closed 0.5% lower, while Hong Kong's Hang Seng fell 1.7%. Tokyo's Nikkei lost 0.4%.

Cryptocurrencies fell sharply on Saturday, reflecting Omicron-driven risk aversion. Bitcoin was briefly down 22% to test a two-month low of $41,967, while ether lost 16.8% at one point before recovering ground.

"Crypto is often held up by proponents as a useful portfolio inflation hedge, but wild swings like what we saw this weekend back our view that is more akin to a highly speculative risk asset," UBS analysts said in a note.

Bitcoin last traded 3.6% lower on Monday at $47,576 per coin, while ether was down 5.7% at $3,974.

Oil prices rebounded, rising by more than $1 a barrel after Saudi Arabia raised January prices for its crude sold to Asia and the US, despite concerns about the potential impact of rising Omicron cases on demand.

Brent crude futures were up 2.3% at $71.53 a barrel, and West Texas Intermediate put on 2.6% to reach $67.97 a barrel.

Read More: A currency strategist at UBS shares the 3 trends he believes will shape the crypto market in the next 12 months — including why relative value between coins will become increasingly important as the market matures