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Stock futures sank on Monday, pointing to a lower open on Wall Street even as second-quarter earnings results reflect a strengthening economic rebound, yet rising worries over inflation and the resurgence of new COVID-19 infections rattled investors.
This week’s batch of earnings will include industry leaders like Netflix (NFLX) and Johnson & Johnson (JNJ), offering a fuller picture of how companies are faring as more parts of the economy reopened in the spring and early summer. All eyes will also be on retail trading upstart Robinhood, which early Monday filed its prospectus to go public at a valuation of $35 billion. The platform is targeting a $2 billion capital raise, and aims to price the stock within a range of $38 to $42 per share.
On Friday, major benchmarks gave up early gains and closed in the red as traders digested a slew of earnings results, and June consumer spending data that blew away expectations. However, a print on consumer sentiment disappointed, hinting at growing price pressures that may derail the recovery.
In Europe’s Monday session, bourses sank as the United Kingdom celebrated its “Freedom Day”, which ironically began with the Prime Minister and the Chancellor having to isolate after being notified they came into contact with someone who was COVID-19 positive.
The incident refocused attention on the Delta variant, which is driving a surge of new cases across the U.S., and sent the safe-haven 10-year Treasury bond yield (TNX) to its lowest levels since early March.
“Concerns that the Delta mutation will slow or even reverse the recovery efforts appear to be sapping risk-taking appetites,” said Marc Chandler, chief market strategist at Bannockburn Global Forex.
Last week, Federal Reserve Chair Jerome Powell suggested it was still too early for the central bank to step in and dial back some ultra-accommodative monetary policies to rein in inflation, given the labor market and other areas of the economy still need to recover more fully from the pandemic.
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