FTSE 100 takes out 10,400 for the first time

Chris Beauchamp IG

The selling in tech has not stopped the FTSE 100 from reaching a new high, with the Dow set to follow suit, says Chris Beauchamp, Chief Market Analyst at investing and trading platform IG.

FTSE 100 breaks new ground

It has been a little over 24 hours since the FTSE 100 last hit a record high, so we must be due another one. The ‘sell tech’ trade seems to be in full swing across the globe, save for some gains in Apple and Microsoft, following AMD’s results last night and a better US ISM PMI today has provided a further boost to other sectors, helping the Dow towards the cusp of a new record high as well.

Bitcoin stumbles again

While the FTSE 100 hits a new peak and the Dow rampages towards its own new high, bitcoin continues to crumble. Momentum, such a huge force in taking gold and silver to their peaks, seems to have decided to pile into bitcoin on the short side, occasioned by the headlines last night on the drop through the April 2025 lows. January’s hopes of a push through $100,000 seem very far away. 2026 has not been short of events with the potential to boost bitcoin, but each time the cryptocurrency has failed the acid test.

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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Financial markets could find an important catalyst in the enchanting, fairytale-like landscape of Sintra this week. The ECB Forum will, as it does every year, gather the crème de la crème of central banks. The new boss at the Fed, who has clearly said that the Fed should stop explaining everything, will need to talk – and traders should listen.