Summary:
Asian shares dipped slightly while Wall Street's key indexes surged, led by megacap tech firms like Alphabet and Tesla.
Asian shares marginally fell on Tuesday. Wall Street's main indexes closed higher overnight with megacap growth stocks such as Alphabet and tesla supporting a rebound.
Google’s parent company provided a sizable boost to the communication sector after a media report that Apple is in talks to integrate the Gemini AI engine into its mobile system.
Some analysts are concerned that if the Fed were to take a hawkish tone when its policy meeting concludes on Wednesday, this could put a brake on the nearly uninterrupted ascent.
The S&P 500 has advanced significantly even since it hit a record high on 19 January. History shows the benchmark index were likely followed by declines of at least 5%, CFRA said.
The percentage of investors expressing a bullish view about the six-month outlook for stocks rose to 51.7% in the latest weekly survey from the AAAII, the fourth time it topped 50% in nearly three years.
However, there seems to be little indication of euphoria in the new issue market. Only 54 companies had IPOs in 2023, compared with 311 in 2021, according to DataTrek Research.
The S&P 500 has been moved sideways so far this month with the bullish bias unchanged since the upward trend line is well respected. The major hurdle around 5,200 will impede the potential attempt to set another record.
Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
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