Stocks keep on rallying ahead of more tech earnings
|Risk appetite still strong ahead of more tech earnings
April’s dip buyers can feel well pleased with their work, and could be justified in looking forward to more gains in May. Last night’s tech earnings helped save markets from the poor GDP reading, and the pressure is now on Apple and Amazon to repeat the trick tonight. Sentiment was so washed out in April that a bounce was inevitable, but it looks like there’s still enough bearishness to go around, providing fuel for more gains as sellers are forced to get back in to the market.
Gold at new two-and-a-half week low
Equities and gold have been inversely correlated of late, and it looks like the correction in the latter has further to go. Fears of a worsening global outlook drove a manic rush into gold, which took it to record highs, but these flows have eased for the time being. While yesterday’s data seemed to justify the flight to gold, a period of better data may well see more short-term downside for the commodity.
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