From the Wall Street Journal’s “Stock Futures Edge Up After Dow, S&P 500 Selloff” posted early Friday:
Large technology stocks may be among the best performers for the week. Contracts tied to the tech heavy Nasdaq-100 edged up 0.1% Friday, suggesting that the benchmark will end the week relatively unchanged.
Markets have grown jittery in recent days following a bevy of concerns. Investors are worried that new Covid-19 variants could stall the global economic recovery despite vaccines being rolled out. Supply-chain bottlenecks and concerns over labor-market participation are also weighing on sentiment. That has led some money managers to trim bets on companies that are most likely to benefit when the economy recovers.
“The music has changed. We are entering a new phase” for markets, said Luca Paolini, chief strategist at Pictet Asset Management. “There has been a shift in the fundamentals of the market from high growth, low inflation to higher inflation, weaker growth.”
My take: As changeable as a baby’s bottom.