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US equity futures fell slightly on Thursday as new data pointed to a further recovery in the labor market.
S&P 500 futures fell 0.5% a day after the general market gauge was dragged lower by tech stocks. Futures on Nasdaq-100 edged down 0.6%, indicating that tech stocks could extend their losses. The benchmark index fell nearly 1.7% on Wednesday.
Investor optimism has been dampened in recent days by mixed signals from different parts of the economy. Government relief spending for Covid-19 and vaccine deployment is helping drive economic growth. This has led to an increase in consumer demand for the products.
But there are signs the global rebound could be slowed by an extension of Covid-19 lockdowns and increasing constraints in the supply chain for crucial products like vaccines and microchips. New stimulus checks also raised fears of a sharp rise in inflation as the economy recovered, dampening appetite for government bonds and tech stocks.
“From there you could have flattening markets across the board. We’re going to look for a new story, ”Daniel Morris, Chief Market Strategist at BNP Paribas Asset Management. “Growth could pick up, value could wait, then, on the surface, nothing happens. I have modest expectations for the market until we have a idea of what the next catalyst will be. “
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