Markets fell on Friday.
The S&P 500, STOXX Europe 600 and Nikkei 225 all fell 1.9 percent.
“There’s way too much leverage in the system, and we’re starting to see signs that this excess leverage is going to be unwound in a way that will create headwinds for the stock market and other risk assets for more than just a few days,” said Matt Maley, chief market strategist at Miller Tabak.
Shares of GameStop jumped 67.9 percent after Robinhood said it would allow limited buying of the stock and other heavily shorted names after restricting access the day before, a move that had caused the stock to fall 44 percent.
Such volatility is raising concerns among some investors.
“This apparent budding crisis needs regulatory warnings and mainstream media alerts as to the dangers this week, both to overall markets and individual investors,” wrote billionaire bond investor Bill Gross.
Others, though, remain relatively sanguine.
“While we believe there is more pain to come we remain optimistic that it is likely to remain localized,” said Maneesh Deshpande, head of equity derivatives strategy at Barclays.
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