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Investors are again worried because of the rising COVID-19 incidence around the world. As a result, the US market dipped for the second day, with the S&P 500 showing a 0.9% decline as of 18:00 GMT yesterday.
Obviously, investors are being cautious ahead of the reporting season, as the data may not be as good as expected.
And today, it was reported that companies have varying experiences. For example, the International Business Machines Corp. was able to show an impressive gain in terms of revenue, while United Airlines Holdings Inc. saw a huge decline in stocks, thereby suffering massive losses.
Aside from that, investors must also pay attention to:
- the EIA's report on oil supply this Wednesday;
- the ECB's decisions regarding inflation and accordingly, monetary policy this Thursday; and
- data on new home sales in the United States, which will be released on Friday.
Nevertheless, US stocks will continue to trade at a value that is 35% higher than its figure a decade ago, as investors will remain focused on whether companies will be able to cope with rising inflationary pressures.
Fiona Cincotta, senior financial markets analyst at City Index, said there are concerns on how multinationals will make their forecasts, as COVID-19 continues to persist globally.
But CIBC Director David Donabedian believes that the stock market is just resting after its long rally, and that growth will be seen again soon.
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