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Equity futures fall amid concerns over new Covid variants found in South Africa

The trader is working on the floor of the New York Stock Exchange (NYSE) on November 8, 2021.

Brendan MacDermid | Reuters

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Shares rose slightly on Wednesday as the market closed due to Thanksgiving on Thursday, halting this week’s losses on the S & P 500 and the Nasdaq Composite.

Treasury yields are rising this week, putting pressure on high-growth stocks. The Nasdaq fell 1.3% in a week, while the S & P 500 rose less than 0.1% and the Dow rose about 0.6%.

The last week of the year is usually a strong time for the market, and so-called Santa Claus rallies usually create a happy holiday on Wall Street. The S & P 500 has risen 25% so far.

Friday is also the unofficial start of the holiday shopping season, as investors are looking for insights from Black Friday to determine the mood of US consumers.

Retail stocks have seen dramatic movements in both directions during this earnings season.On Wednesday, Gap and Nordstrom’s share was put into the tank by more than 20%, but Coles said. Jumped over 10% A week ago after reporting strong sales growth.

Retail executives talked about supply chain issues and how they manage inflation during the quarter. It’s also unclear whether discussions on supply chain issues could put consumers on early holiday shopping and squeeze fourth-quarter sales.

Sarah Henry, Portfolio Manager at Logan Capital Management, said: She added that her company was looking for a company with a long-term strategic advantage rather than trying to bet on the best holiday sale results.

On Wednesday, October’s personal income and consumption exceeded expectations, First unemployed claim to reach the lowest level since 1969.. However, the Fed’s recommended inflation gauge, Core PCE, Remains rising at 4.1%..

There are no major economic releases scheduled for Friday. The stock market closes at 1:00 pm EST on Friday due to a holiday weekend.

Equity futures fall amid concerns over new Covid variants found in South Africa

Source link Equity futures fall amid concerns over new Covid variants found in South Africa

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