From wsj’s “Stock Futures Signal Muted End to Choppy Week on Wall Street” posted early Friday:
U.S. stock futures wobbled Friday ahead of data on retail sales and industrial production, signaling a potentially muted end to a volatile week on Wall Street…
Stocks have been buffeted in recent days by spikes in coronavirus infection levels and uncertainty around the likelihood of a second batch of economic stimulus being delivered before Election Day. Investors say a new round of relief is needed to keep the U.S. economy in recovery mode.
Rising Covid-19 cases point to an autumn surge in infection that may prompt local authorities to renew restrictions, dealing a blow to the halting economic recovery.
“There are some pretty significant concerns that we’re going to see a ramp-up in infections in the U.S.,” said Ronald Temple, head of U.S. equity at Lazard Asset Management. “I am worried that could be a headwind between now and year-end.”
The burst of infection is likely to make consumers more cautious about travel, or going to restaurants, cinemas and stores. Many investors are overly bullish about the chances of a vaccine being developed, Mr. Temple added…
Another factor weighing on stocks this week is concern about how quickly drugmakers will be able to come to market with an immunization shot.
“There’s been bad news about vaccines,” Mr. Goltermann said, pointing to the pause in trials of Johnson & Johnson’s Covid-19 shot. “That’s arguably even more important than the fiscal stimulus. A vaccine would be a game-changer.”
My take: Waiting for 8 a.m. so I can order my new iPhone.