Optimism around the German election result proved short-lived for stocks, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.
Dax clings to gains as sentiment remains cautious
The strong move higher in the German index has been mostly eroded this afternoon, while Wall Street’s positive open has given way to more downside, particularly in tech stocks. Friday’s late slump has cast a shadow over sentiment, while hopes over a Ukraine deal have ebbed away.
Tech stocks come under pressure
The Nasdaq 100 slipped to a two-week low in opening trading this afternoon, though it is barely a week since it hit a fresh record high. Nvidia’s hotly anticipated earnings loom large, being the only major event of note this week. While not directly connected, it is likely that the ongoing tensions in the Western alliance over Ukraine will help keep bullish sentiment in check.
Source: https://www.fxstreet.com/news/stocks-lower-as-post-election-optimism-fades-202502241720