Stocks are set to begin the trading week sharply down.
Dow Jones Industrial Average
futures are off 241 points, or 0.8%, and
futures are also down 1% with
futures slipping 1% on Sunday evening as investors worry that the slow U.S. vaccine rollout and spread of new strains of Covid-19 could dent hopes for a strong economic recovery in 2021.
The drop off comes after U.S. equities closed out last week down 2%, their worst five-day trading spell since October as Covid-19 vaccine trial results and new strains of the virus pulled stocks down, while
and a host of other shares targeted by Reddit users surged.
Concerns about a stock market bubble have increased as well. A rush of highflying tech IPOs, surging options prices and lofty, if volatile, Bitcoin prices have all contributed to those worries. While the S&P 500 fell last week, it remains up 66% from its pandemic low last March.
This week, investors are in for another flurry of earnings reports, as 99 S&P 500 companies are set to announce quarterly results. Alphabet,
United Parcel Service
all report this week. On Friday, the Bureau of Labor Statistics will release January’s jobs report. Economists expect 100,000 new jobs to be added after December month’s decline of 140,000 but for the unemployment rate to stay at 6.7%.
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