Record highs on the FTSE 100 and on Wall Street

Chris Beauchamp IG

If there are jitters about tech earnings this week then they're not showing up in the price action, says Chris Beauchamp, Chief Market Analyst at investing and trading platform IG.

FTSE 100 advances to new record

The FTSE 100’s directionless start to the day has given way to more record highs, joining the enthusiastic gains seen in Japan and the US in the past 24 hours. Bubble fears would be hard to engender here – even after its rampage to new highs the index still trades at 14 times earnings. Gold’s small bounce this afternoon should help prop up the mining sector, helping to put some shine back after the recent losses.

Bubble fears rise again as Microsoft and Apple join the $4 trillion club

This continues to be one of the most disliked rallies in history. Each new high in indices and every milestone achieved by individual stocks is presented as evidence of a bubble in equities. Even Cathie Wood appears to be getting jitters. This doesn’t feel like we are seeing Greenspan’s ‘irrational exuberance’, instead the disbelief appears to be widespread. It is understandable to see signs of nervousness around tech earnings this week, but the market continues to demonstrate remarkable resilience.

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.

AUD/USD falls to near 0.7100 after slipping below 50-day EMA

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160.00: USD/JPY back near intervention territory after upbeat US jobs report

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Gold targets $4,300 amid stronger Dollar

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Cardano hits five-year low even as Hoskinson clarifies "break" isn't an exit

Cardano (ADA) price is down 10% at press time on Friday, extending losses over 30% so far this week amid Charles Hoskinson's clarification that "break" isn't an exit.

Week ahead – Fed countdown begins amid US inflation data and geopolitical risks

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The US economy defies the rules: 100 days into the Oil shock and the recession signal is still missing

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