Tech stocks rebound as Nasdaq 100 gains 1.5% and prepares for big earnings week from giants like Tesla, Microsoft, and Alphabet. UBS cautions on sector.
Gold prices declined 2.7% in NY due to reduced geopolitical risks. Silver also fell 5.1%. Israeli officials averted a US-backed counterstrike on Iran, easing tensions. Gains were pared as Iran downplayed strikes and traders await key economic data. Mining stocks also dropped, with GDX and SIL falling over 3%.
A sentiment of risk aversion looms over the markets during Wednesday’s trading session, triggering midday losses across the board in stocks and cryptocurrencies and prompting a flight towards bonds, as investor confidence remains dampened by geopolitical and economic risks.
US financial stocks fall amid subdued sentiment, regional banks test moving average support levels. Bank of America, Morgan Stanley report strong Q1 earnings beating expectations.
Spot gold was popping up above 0.5% at one point on Tuesday, propelled by escalating tensions in the Middle East following Tehran’s decision to deploy hundreds of drones and missiles toward Israel on Saturday night.