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"The dilemma investors are facing right now is that while strong U.S. economic data is positive news, the accelerating growth is increasing the risk of an overheating economy and the Federal Reserve being forced to hike rates early," said Milan Cutkovic, market analyst at Axi.

“Global stocks are still plumbing the lows after renewed virus concerns spooked markets overnight,” Stephen Innes of Axi said in a commentary.

Stephen Innes of AXI says renewed virus concerns have spooked markets:

“With ... a resurgence of virus cases in India and Japan, topside ambitions continue to run into walls of profit-taking,” said Stephen Innes, chief market strategist at Axi.

“With miles driven on the U.S. highways up for the first time since the pandemic outbreak, it means we are well on the way to a bountiful U.S. summer driving season that could come close to matching the summer of 2019,” Axi chief global market strategist Stephen Innes said in a note.