We saw a huge rally in US equities to start the week but now the market is set for a breather. S&P 500 futures are 15 points lower, or 0.3%. Dow and Nasdaq futures are in-line with that level of decline.

In general there's a more cautious tone today and I'd point to two factors, aside from the usual ebb and flow after a very strong run:

  1. A study showing omicron is 4x more transmissible than delta
  2. Apprehension about tomorrow's US CPI report and the Fed next week

Overall, the anticipated decline isn't going to make much of a dent in this chart but given the heightened nerves, anything is possible.