Will dip buyers step back in once again later today?
Risk is still hobbling after a bit of a softer tone in the past few days, though yesterday's late recovery helped to provide some mild relief. That is not carrying through to today though with S&P 500 futures marked down by 0.4%.
European indices are slightly higher but that owes more to a catchup in the late bounce to US stocks yesterday rather than any positive sentiment.
Elsewhere, oil continues to be a little pressured as it is down 1.7% to $62.30 while cryptocurrencies continue to flirt with a potential rebound, as Bitcoin is seen in a state of flux in and around the $40,000 level in European morning trade so far.
I'd argue that we are still resting in a buy-the-dips phase in the market but with inflation fears abound, volatility has certainly increased and that makes timing the move more difficult as compared to how things have played out in Q1.