Nasdaq reaches a new record high
|The FTSE 100 has topped 7000 once again this afternoon, while in New York tech stocks are shining, as the Nasdaq 100 clears 15,000 for the first time.
The post-Monday rally shows no sign of slowing down, and instead stocks seem determined to power ahead into the weekend and beyond. The Monday selloff seems like a moment of brief panic, and while it was startlingly short-lived, it was enough it appears to reset sentiment and activity and prompt a resurgence of bullish momentum. Central bank have done their bit to allay fears, most notably the ECB this week, but now that the reappointment of Jerome Powell is more assured markets are also much more relaxed about the outlook for US policy too. The drumbeat of earnings season continues to provide a positive underpinning too, as US firms continue to provide optimistic outlooks and strong earnings reports as well.
Next week is one of these really busy weeks that will leave investors and traders struggling to find a quiet moment. Big-name US stocks like Apple will report figures, while in the UK first-half numbers from the banks and big pharma will enliven the FTSE 100. Finally the Fed will publish its last decision, and while no change is expected, it is widely-forecast that the meeting could set up a further discussion of policy adjustment at the August Jackson Hole symposium. The Nasdaq 100 has topped 15,000 this afternoon, a firm sign of the revival in risk appetite, but it will be hard work to maintain this optimism throughout such an action-packed few days.
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