U.S. stock futures ticked slightly higher Friday, leaving the major stock indexes on track to close out their worst week since mid June.
Futures tied to the S&P 500 edged 0.4% higher, indicating that the broad market index will rebound slightly at the opening bell following its worst one-day retreat since June 18. That would put the S&P 500 on track to end a two-week streak of gains. Dow Jones Industrial Average futures ticked up 0.8%. The blue-chips gauge ended Thursday down almost 1.1% for the week.
Large technology stocks may be among the best performers for the week. Contracts tied to the tech heavy Nasdaq-100 wavered between tepid gains and losses Friday, suggesting that the benchmark will end the week relatively unchanged.
Markets have grown jittery in recent days on a bevy of concerns. Investors are worried that new Covid-19 variants could stall the global economic recovery despite vaccines being rolled out. Supply-chain bottlenecks and concerns over labor-market participation are also weighing on sentiment. That has led some money managers to trim bets on companies that are most likely to benefit when the economy recovers.
“The music has changed. We are entering a new phase” for markets, said Luca Paolini, chief strategist at Pictet Asset Management. “There has been a shift in the fundamentals of the market from high growth, low inflation to higher inflation, weaker growth.”