From the Wall Street Journal’s "Stock Futures Slip, Pointing to Worst Week in Nearly a Year" posted early Friday:
Stock futures declined Friday, putting the S&P 500 on track for its worst week in almost a year as investors weighed the prospect of a spell of higher inflation and slower economic growth...
A bevy of factors has prompted investors to become more cautious after a rally in stock markets for much of the year. The Federal Reserve and other global central banks have tilted in recent weeks toward reining in pandemic-era stimulus measures.
Surging prices for natural gas in Europe and Asia have raised concerns that the bout of inflation will last longer than many money managers had expected. Meantime, rising energy costs are expected to take a toll on growth in the world economy.
“The market’s focus has turned to the stagflation narrative with what’s been going on in natural gas,” said Daniel Morris, chief market strategist at BNP Paribas Asset Management...
Investors also pointed to lingering worries over property giant China Evergrande Group and whether Congress can resolve its battles over U.S. spending plans. House Democrats delayed plans to vote on a roughly $1 trillion infrastructure bill Thursday, as they came up short on reaching agreement around a separate social policy and climate package.
My take: What a way to start the new month, with AAPL punished for the sins of dysfunctional governments.