Tech stocks and Oil both drop back
Broadcom's results have pushed the Nasdaq into the red for a second day, says Chris Beauchamp, Chief Market Analyst at online trading and investing platform IG.
Tech under pressure after Broadcom miss
A two-day fall for tech is a rare occurrence these days, but does mark a change from the relentless gains of recent weeks. May’s brief dip was bought with both hands by investors who had missed out on the April surge, and this one might easily go the same way since there still seems plenty of appetite to pile on board the tech rally.
Oil retreats on ceasefire news
It feels like we have seen this movie before, multiple times, but new ceasefire reports have helped push oil prices lower after three days of gains. Whether this is an actual ceasefire or one of Trump’s ceasefires that involves opponents still firing at each other remains to be seen, but as this week’s inventory draws have shown, the global economy continues to run out of oil.
Author
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.
