FTSE 100 surges but tech selloff goes on
|The selling isn't over in US tech names but the FTSE 100 has had another stellar day, says Chris Beauchamp, Chief Market Analyst at investing and trading platform IG.
FTSE 100 reaches new high
The FTSE 100 has happily surged to a new high while the rest of the world seems consumed by worries about AI and what Powell might say at Jackson Hole. After two weeks of a dash back to growth stocks, the dividend payers of London’s top index have regained their lustre; solid but perhaps somewhat dull stocks like United Utilities and Unilever dominate, a dramatic change from the tech-fuelled gains seen of late.
Magnificent 7 stumble further into the red
It has been a miserable week for tech stocks in the US, which have caught a bad case of the AI chills. The mini-panic induced by Altman’s comments and the MIT article have not yet subsided, though in most cases this is still a trimming of recent gains rather than any bigger rout. It is August, after all, and as thoughts turn to Jackson Hole on Friday we are bound to see some prudent derisking.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.