A Touch Of FOMO
Today is a risk-on day. Investors are building on Asian equity markets’ momentum. All major Asian markets, Hong Kong, Shanghai, and even Sydney have surged today. The index has rallied out of bear territory and this is an encouraging sign for European investors.
are supported due to Alphabet’s (NASDAQ:) strong . Overall, yesterday’s session was volatile. Major US indexes reversed their earlier gains and closed in negative territory because of the feeble US number. There was also intensive profit-taking in tech stocks ahead of their earnings. Tesla (NASDAQ:), Microsoft (NASDAQ:), eBay (NASDAQ:), and Facebook (NASDAQ:) are slated to report their earnings today.
Another positive aspect helping the markets today is trading to the upside as energy companies have started to report. BP (NYSE:) yesterday and Exxon (NYSE:) is slated to report its today. There are two key factors to note here. Firstly, the enormous reduction in capex spending among energy…