From “U.S. Stock Futures Buffeted as Volatility Edges Higher” ($) posted early Wednesday by the Wall Street Journal:
U.S. stock futures fell Wednesday as investors’ anxiety about the economic fallout from the coronavirus outbreak left markets poised for another day of tumultuous trading.
Futures tied to the Dow Jones Industrial Average dropped 2.1%, suggesting the U.S. blue-chips gauge is likely to open about 500 points lower. That follows a frenetic day that saw the key equity benchmarks soar in the final hours of trading. A closely watched measure of turbulence in U.S. stocks, the Cboe Volatility Index, inched up to near its highest in a year.
“For private investors, getting into markets at the moment is like juggling with knives: it’s just far too risky,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics. “For short-term traders, this volatility is very exciting, but for long-term investors, it’s worrying.”
If it’s any comfort, Apple is still outperforming the S&P 500.
My take: Flight to quality—and cash reserves.