The ECB provided little cheer for European investors this afternoon, and the sell-off in tech stocks appears to have further to go, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.
Stocks come under pressure
“The pockets of strength in the Dow and small caps are being eroded as the risk-off move gathers pace once again. European markets managed to move higher this morning but the gains are slipping away as the session heads to a close. Christine Lagarde’s acknowledgement of growth risks tilted to the downside has put investors in a firmly risk off mood.”
Tech stocks head south
“Netflix takes centre stage tonight, kicking off big tech earnings season. It doesn’t look like investors are yet tempted to go bargain hunting in the sector. The summer lull will soon be upon markets as well, leaving markets at risk of sudden moves in periods of thinner liquidity.”
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