U.S. stock futures dropped in overnight trading on Thursday amid renewed Covid fears over a new variant found in South Africa.
Markets were closed on Thursday for Thanksgiving, so stocks are coming off of slight gains on Wednesday that staunched the week's losses for the S&P 500 and Nasdaq Composite.
The final weeks of the year are typically a strong period for the market, with the so-called Santa Claus rally usually creating a happy holidays for Wall Street. The S&P 500 is up 25% year to date. "I think the potential for recalibration, reconsideration or a market reassesment is most likely to come when the FOMC makes its announcements on [Dec. 15]. Until then, we'll have a lot more of what we already know," Ma added.
Retail stocks have seen dramatic moves in both directions during this earnings season. On Wednesday, shares of Gap and Nordstrom tanked more than 20%, but Kohl'sRetail executives spoke during the quarter about how they are managing supply chain issues and inflation. It also remains to be seen if discussion around supply chain issues caused consumers to start their holiday shopping early, potentially denting fourth-quarter sales.
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