Precise Investors Editorial Team
Global shares gained 0.2%, while Europe’s STOXX 600 was up 0.4%, buoyed by positive earnings
Global shares edged up on Friday to within a fraction of a new record high, and were set for a monthly gain, even as geopolitical tensions and persistent concerns about AI caused wild swings under the surface.
Manish Kabra, head of U.S. equity strategy at SocGen, said in the absence of any major news, the market is refocusing on fundamentals which he described as “rock solid.”
This is on a global basis. When I say fundamental, this is the profit cycle, the growth cycle, the broadening of the growth, said Kabra.
Global shares gained 0.2%, while Europe’s STOXX 600 was up 0.4%, buoyed by positive earnings.
Nevertheless, jitters around AI spending and fears about the technology’s broader business disruptions have weighed on sentiment this week.
U.S. stock market futures were in the red during early European trading, with S&P futures off 0.2% while the tech-heavy Nasdaq futures were flat.
Tech shares dropped on Thursday even as Nvidia posted better-than-expected results for the January quarter and forecast current-quarter revenue above market estimates.
It seems ‘the Street’ simply wanted more, or perhaps just isn’t prepared to chase the stock at its current lofty valuation, IG market analyst Tony Sycamore said about Nvidia’s results in a note.
Shares in Nvidia down more than 5% at close Thursday.
U.S. crude gained 1.4% to $66.16 a barrel, and Brent rose to $71.65, up 1.3%. Spot gold slipped 0.15% to $5,178.29 an ounce.
The dollar index was flat at 97.73, with the euro up 0.07% at $1.1805. The yen was flat 156.16 per dollar.
Sterling added 0.1% to $1.349.
Comments (0)
Average Rating: No ratings yet/5 (0 reviews)
No comments yet. Be the first to comment!