From the Wall Street Journal’s “U.S. Stock Futures Pause Ahead of Inflation Data” posted early Thursday:
U.S. stock futures wobbled Thursday ahead of data on consumer prices that will offer fresh insights about the pace of inflation as the economy emerges from the coronavirus pandemic.
Contracts for the technology-focused Nasdaq-100 slipped 0.2% Thursday.
The muted moves suggest stocks may extend a spell of listless trading at the opening bell. The major indexes have moved in a narrow range just below all-time highs in recent weeks. Investors are balancing optimism in the economic recovery against concerns about inflation and supply shortages, among other risks.
“As long as we’ve got cheap money, we’ve got a savings glut, not just in the West but in Asia. I think there is decent support for stocks,” said Jane Foley, head of foreign-exchange strategy at Rabobank. “I don’t imagine there is going to be a really serious downturn.”
My take: Three greens in a row may have been too much to hope for.