US stock futures tumbled somewhat lower on Friday, putting the S&P 500 on track to end the week with muted gains after hitting the ninth record to close its 2021 high.
Futures pegged to the S&P 500 fell 0.3%, indicating a post-opening bubble drop. Contracts pegged to the Nasdaq-100 Index were down 0.3%, suggesting technology stocks may also slide.
Stocks have been choppy this week. Hopes for another round of stimulus spending by President Biden’s administration and the rollout of vaccines have led to a recovery in the markets for much of this year. The Federal Reserve also pledged this week to continue with a loose monetary policy until the economy is stronger.
At the same time, concerns about high stock valuations, still high levels of coronavirus contamination, new variants of the virus and the hurdles faced by vaccination programs in many countries have left some investors silent.
“In the short term, it remains unclear when lockdowns will end and whether consumers will rush to spend money on travel and entertainment when they can,” said Willem Sels, chief investment officer of HSBC Private Banking and Wealth Management.