Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Stock market news live updates: Stock futures drop amid lingering virus, Fed policy concerns
Yahoo Finance
Stock market news live updates: Stock futures drop amid lingering virus, Fed policy concerns
Emily McCormick ·Reporter
Fri, August 20, 2021, 7:24 AM
Stock futures dropped Friday morning as investors considered the latest batch of earnings and economic data and continued to contemplate the path forward for monetary policy.
Contracts on the S&P 500 fell and was on track to post a weekly decline for the first time in three weeks. Dow futures were on track to open lower by more than 150 points, or 0.5%.
Traders this week have watched a number of market concerns unfold, with infections related to the Delta variant continuing to climb and the Federal Reserve suggesting in its latest meeting minutes that officials believed the economy might recover enough by the end of the year to warrant a shift in their massive asset purchase program. New weekly jobless claims fell more than expected to a fresh pandemic-era low, signaling a notable step forward in the labor market's recovery.
Meanwhile, corporate earnings results have come in mostly robustly, though many companies have highlighted supply chain constraints and input price increases as potential ongoing headwinds. Manufacturing bellwether Deere (DE) beat estimates for fiscal third-quarter results and raised its full-year profit guidance, but the company noted these results came "while enduring significant supply-chain pressures." FootLocker (FL) also posted results that exceeded estimates Friday morning as more foot traffic returned, though the retailer also highlighted that it continues "to keep a close eye on the business, including temporary store closures and supply chain challenges, and we remain disciplined with expense management."
"There are a lot of risks out there right now. First of all, the market is looking stretched from a valuation perspective. It's continued to make record highs, even amidst some of the volatility that we've seen," Megan Horneman, director of portfolio strategy at Verdence Capital Advisors, told Yahoo Finance. "But we do have some economic concerns right now, just from the supply chain perspective, the inflation perspective. These things are probably going to be a problem for us longer than we had anticipated."
{snip}
Stock market news live updates: Stock futures drop amid lingering virus, Fed policy concerns
Emily McCormick ·Reporter
Fri, August 20, 2021, 7:24 AM
Stock futures dropped Friday morning as investors considered the latest batch of earnings and economic data and continued to contemplate the path forward for monetary policy.
Contracts on the S&P 500 fell and was on track to post a weekly decline for the first time in three weeks. Dow futures were on track to open lower by more than 150 points, or 0.5%.
Traders this week have watched a number of market concerns unfold, with infections related to the Delta variant continuing to climb and the Federal Reserve suggesting in its latest meeting minutes that officials believed the economy might recover enough by the end of the year to warrant a shift in their massive asset purchase program. New weekly jobless claims fell more than expected to a fresh pandemic-era low, signaling a notable step forward in the labor market's recovery.
Meanwhile, corporate earnings results have come in mostly robustly, though many companies have highlighted supply chain constraints and input price increases as potential ongoing headwinds. Manufacturing bellwether Deere (DE) beat estimates for fiscal third-quarter results and raised its full-year profit guidance, but the company noted these results came "while enduring significant supply-chain pressures." FootLocker (FL) also posted results that exceeded estimates Friday morning as more foot traffic returned, though the retailer also highlighted that it continues "to keep a close eye on the business, including temporary store closures and supply chain challenges, and we remain disciplined with expense management."
"There are a lot of risks out there right now. First of all, the market is looking stretched from a valuation perspective. It's continued to make record highs, even amidst some of the volatility that we've seen," Megan Horneman, director of portfolio strategy at Verdence Capital Advisors, told Yahoo Finance. "But we do have some economic concerns right now, just from the supply chain perspective, the inflation perspective. These things are probably going to be a problem for us longer than we had anticipated."
{snip}
