An ‘unwholesome appetite’ for stocks could spoil this fairytale, strategist warns

In case you needed evidence, the S&P 500 SPX, -0.21% , Dow DJIA, -0.09% and Nasdaq COMP, -0.18% proved that last week with all three in the red for five days in a row, which hasn’t happened since 2016.Of course, nobody — well, with a few bearish, and increasingly desperate, exceptions — is really pushing the panic button just yet. The market has proven to be far too resilient to be thrown off by a few down days.

Then, of course, there’s Friday’s disappointing jobs report, which registered the smallest gain in new jobs since September 2017. The market Futures on the Dow YMH9, -0.58% are down sharply, while S&P 500 ESH9, +0.17% and Nasdaq NQH9, +0.33% are modestly higher. Gold prices GCJ9, -0.34% are lower, as well. Crude oil CLJ9, +0.70% is providing a splash of green in the wee hours. Europe stocks SXXP, -0.56% aren’t up a bit in the early part of their session, while Asia ADOW, -0.82% clawed back some gains in a mostly mixed day of trading.

Tesla TSLA, +2.73% shares are pointing higher after the company backed off a bit of a promise to cut prices on all its cars and move sales online. The electric-car maker said it will likely keep significantly more physical stores open, which will halve the savings it had hoped to pass onto to customers.Worried about robots taking your job? Don’t be, according to Rep. Alexandria Ocasio-Cortez. “We should not be haunted by the specter of being automated out of work. . . .

The quote “At restaurant tonight waitress asks if we want straws. Says she has to ask now in fear of ‘THE STRAW POLICE.’ Welcome to Socialism in California!” — California Republican Devin Nunes, in a tweet Saturday evening.

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