FTSE 100 overcomes unsteady start

ANALYSIS | 01/30/2023 16:13:49 GMT

The new week has seen stock markets struggle to make headway, as investors fret about the hectic days to come, says Chris Beauchamp, chief market analyst at online trading platform IG.

Stocks wobble as busy week begins

“The FTSE 100 has pushed back into positive territory after a drop on the open, while in the US stocks have endured a shaky start. A glance at the calendar for the week would be enough to deter all but the most swashbuckling of investors from taking new positions, so it is hardly surprising to see some of the recent bullishness fade away. Investors will have a better idea (we hope) about the outlook once the central bank decisions, job numbers and earnings reports are in the bag.”

Nasdaq 100 falters at six-week highs

“Given the big tech earnings this week, it is not surprising that the Nasdaq 100 has been unable to hold the gains from Friday’s session. All eyes are now on the 200-day moving average – it has been just over a year since the index last traded above this indicator, and while not foolproof, it would send a strong message for many investors that, for now at least, the selloff of the past year has abated.”

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