From the Wall Street Journal’s “U.S. Stock Futures Edge Down After Wall Street Selloff” posted early Thursday:
U.S. stock futures wobbled Thursday on continued concerns about inflation, suggesting that the Dow is on track to extend a three-day losing streak…
U.S. stocks dropped Wednesday, with the S&P 500 and Dow suffering their steepest three-day declines since late October after a sharp rise in consumer prices heightened concerns about inflation.
Dwyfor Evans, head of macro strategy for the Asia-Pacific region at State Street Global Markets, said the 4.2% increase in consumer prices compared with a year earlier triggered debates about whether “inflation is actually more of an issue than we were led to believe and whether the Federal Reserve is going to have to be a little bit more aggressive.”
Still, Mr. Evans said a clearer picture would emerge only with a longer series of data on jobs and inflation. He said U.S. Treasury yields suggested that inflation expectations were still relatively contained.
My take: AAPL is getting dragged down by macro forces it can’t control. Apple’s doing fine.
UPDATE: What changed Mr. Premarket’s mind? I haven’t a clue.