“This week has seen morning optimism from European markets replaced by broader pessimism once US markets have begun trading. While a more guardedly-positive tone prevails than was the case in the wake of the Fed, this market does not yet look like it wants to rebound.”

Positive start on Wall Street, but some nervousness remains

“The surprisingly-hawkish tone from Jerome Powell certainly sent shockwaves through markets yesterday, as those who had bought following the statement were then blindsided by the rather contradictory atmosphere at the press conference. While some of the post-Fed selloff has been recouped, and markets are attempting to make headway, it is clear that this new hawkish Fed is still providing cause for volatility and sector rotation.”

Apple earnings keep tech stocks in check

“Tonight sees the big one – the arrival of Apple earnings for Q4. Tech stocks are unlikely to recover their poise unless Apple can post some encouraging figures and back it up with a supportive outlook for coming months. Microsoft and Tesla both wobbled on earnings before recovering, so further wild swings should be expected tonight. Overall, equities have stopped going down, which is the first step in a bounce, but as yet the upside appears limited.”

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

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