Wall Street whipsawed this week as investors appeared to scramble for bargains after every drawdown. However, the three indexes are tracking sharp weekly losses, with the Dow on pace for its fourth straight fall.
The United States and Germany joined countries around the globe planning stricter COVID-19 restrictions as the Omicron variant rattled markets, fearful it could choke a tentative economic recovery from the pandemic.Markets are already worried about supply chain logjams and global central banks returning faster to pre-pandemic monetary policies to tackle surging price pressures.
At 7:21 a.m. ET, Dow e-minis were up 218 points, or 0.64%, S&P 500 e-minis were up 15 points, or 0.33%, and Nasdaq 100 e-minis were down 15.75 points, or 0.1%., also known as Wall Street's fear gauge, was last trading at 29.19 points, a day after hitting its highest level since February. Stellar earnings reports, coupled with strong economic growth, have powered U.S. stocks to a series of record highs in November, with the S&P 500 climbing 20.1% so far this year.
A Reuters poll of equity analysts said a correction was likely in the next six months, with the benchmark index expected to gain 7.5% between now and end-2022 to finish at 4,910.
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