US stocks have moved higher despite a choppy 24 hours, while geopolitical tensions have boosted oil, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.
US stocks rebound despite Fed worries
The Federal Reserve might be desperately signalling their worries about the US economy, but traders continue to pile back into US stocks. It has been a choppy 24 hours for equity markets, especially in the US, which saw futures slumping this morning before a rebound this afternoon. For the moment it looks like bargain hunting continues to underpin Wall Street’s rebound, at least in the short-term.
Oil prices surge
Geopolitical tensions continue to be oil’s friend. The prospect of an extended US campaign against the Houthis combines with Israel’s renewed Gaza offensive to put oil squarely back in the spotlight. After its huge falls from January positioning remains firmly skewed to the upside, and buyers continue to take advantage of headlines to drive gains for the time being.
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