The major stock market indexes are all down and have wavered in the last few hours, but are holding above the lows of the day.
Investors are showing concern this morning about potential reduced profits from inflation that will affect the upcoming earnings season.
At midday, the Nasdaq was down 1.9%, while the S&P 500 dropped 1%.
The Dow Jones Industrial Average is down 0.4%, and the Russell 2000 is down 1.9%.
Chinese Stocks Feeling Effects of Restrictions.
Alibaba is down 8.4% as China’s Covid-19 cases surge, and is now below the 21-day exponential average.
The iShares Trust China Large-Cap ETF (FXI) is also seeing weakness, down 4.1%.
The Innovator IBD 50 ETF (FFTY), a gauge of growth stocks, is down 1.2%, in line with major indexes.