US indices push to new record highs but FTSE 100 falls on corporate news
While the FTSE 100 is on the back foot once more, the session has seen both the S&P 500 & Nasdaq 100 hit a record high in early trading, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.
FTSE 100 comes under pressure again
“The seesaw battle going on in the FTSE 100 swung the way of the bears today. Barratt Developments slumped on news of its acquisition of rival Redrow, and a poorly-received update from Sainsbury’s hit supermarket shares. Despite the index’s relative cheapness, it remains firmly unloved, and languishes well off its record highs even as its peers in Europe and the US continue to look well-placed for more gains.”
US stocks climb again
“Today saw the S&P 500 take its turn in hitting a new record high, though the Nasdaq 100 rapidly followed suit, eking out a new peak on the open. Despite warnings of an imminent correction, US stocks remain in a powerful uptrend. Even a more cautious Fed hasn’t derailed Wall Street, and so far the best argument or a pullback appears to be that one is overdue. Perhaps this is true, but such things need a decent catalyst, and at present one refuses to appear.”
Author
