Indices rebound as traders shrug off Oracle news

Chris Beauchamp IG

Stock markets have rebounded as swiftly as they retreated overnight, says Chris Beauchamp, Chief Market Analyst at investing and trading platform IG.

Indices recover following Oracle shock

Traders are in the mood to recover their bullish stance after yesterday’s Oracle numbers. Tech stocks have clawed back losses. The Dow has managed to push to a new record high, benefiting once again from the outbreak of bubble fears in tech stocks and the more positive view on US economic growth for the year ahead outlined in the Fed decision last night. Volatility is reversing too, though worries that Broadcom will repeat Oracle’s performance have kept the recovery in tech stocks in check for the moment.

Oil lurches lower again

It is turning into the worst week for oil in two months. Trafigura’s warning on a supply glut yesterday continue to resonate, drowning out the IEA’s suggestion that oversupply will moderate next year. This comes even as gold and silver enjoy a better day, spurred on by renewed losses for the US dollar.

Author

Chris Beauchamp

Chris Beauchamp has been with IG for four years, and in that time has become a regular commentator and analyst for the financial press and TV, with appearances on all the major financial channels as well as the BBC and Sky News.

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