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Global stocks tumble on worries about latest Covid wave

by Oliver Smith - July 9, 2021 - in DAX Stock News

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David R. Kotok - In the News

 

DAX Stock News Today – Global stocks tumble on worries about latest Covid wave

US stocks ultimately recovered somewhat from their session lows, but all three major indices ended solidly down, with the Dow shedding 0.8 percent.

David Kotok, chief investment officer at Cumberland Advisors, predicted in a note that US growth would “slow substantially” in the second half of 2021, saying the drivers of outsized activity in the first semester have already passed. 

The firm is adjusting its investment approach, he said.

“In the first half of this year, we achieved the results that we anticipated we would achieve for the entire year. Actually, we exceeded them in many accounts,” Kotok wrote. “So, the question becomes, do you put some in the bank? 

“In our view, the answer is yes.”

But David Jones, chief market strategist at European investment trading platform Capital.com, noted that US stocks bounced somewhat from their lows Thursday, a pattern that also held for oil prices, which rallied on Thursday.

Worries about the pandemic and an abrupt shift in central bank policy “don’t look big enough just yet to spook markets and cause a more sustainable sell-off,” Jones wrote. 

Read the full article at the Fintech ZOOM website: https://fintechzoom.com/fintech_news_dax-stock-news/dax-stock-news-today-global-stocks-tumble-on-worries-about-latest-covid-wave/


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David R. Kotok
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