Markets were mixed on Wednesday.
The S&P 500 fell 0.5 percent but the STOXX Europe 600 rose 0.6 percent.
A report from ADP on Wednesday showed that jobs in the US private sector rose by 330,000 in July, well short of the consensus estimate of 653,000.
Analysts remain sanguine though.
“While earnings and growth may be peaking, it doesn’t mean that they’re going to go negative, just decelerate,” said Chris Osmond, chief investment officer at Prime Capital Investment Advisors.
Some also appear undaunted by the renewed surge in COVID-19 cases, which, on Tuesday, resulted in more than 50,000 hospital beds across the US being occupied by COVID-19 patients, more than triple the number a month ago.
Wells Fargo Investment Institute strategist Scott Wren said that “based on the fact that the major equity indexes are near all-time record highs, one can make a rational argument that right now investors are not all that worried about the delta variant’s potential for rattling the economy”.
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