Stocks are falling Friday morning as concerns about the omicron variant and worries about tighter monetary policy increase ahead of the holidays.

CNN reports that the Dow fell more than 600 points Friday morning before recovering some of its lost ground. 

By late morning, the Dow was down roughly 330 points. CNN also reports that the broader S&P 500 was trading 0.5% lower after recouping some of its earlier losses.

The Nasdaq Composite also initially traded in the red, but turned positive, up 0.2% by late morning.

Earlier this week, the Federal Reserve announced plans to roll back its pandemic stimulus program at a swifter pace, in addition to revealing that the bank's policymakers expect more interest rate hikes next year than they did just a few months ago.