Major averages were coming off a losing week as investors grew worried that the Fed's potential move to taper stimulus could slow down the economic recovery.
A trader works on the floor at the New York Stock Exchange in Manhattan, New York City, U.S., August 20, 2021.Stock futures were flat in overnight trading on Sunday after volatile week on Wall Street as investors eye a key event where the Federal Reserve could hint at prospects for tapering stimulus.
Major averages were coming off a losing week as investors grew worried that the Fed's potential move to pull back monetary stimulus could slow down the economic recovery that is already challenged by the spread of the delta Covid-19 variant. "We suspect investor conviction is being challenged by the potential for upcoming monetary policy changes, shifting growth vs. value rotations, and a rising trajectory of new coronavirus cases," Craig Johnson, technical market strategist at Piper Sandler, said in a note.
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