The tech-based NASDAQ struggled overnight, not helped by a mixed performance by the “Magnificent Seven”, with Tesla (TSLA US) falling over 6%. In comparison, Apple Inc (AAPL US) gained +2.2% following a report that the company is partnering with Alibaba to develop AI features for iPhone users in China, curbing the market’s losses. With rates on hold and tariff concerns not going away, it’s hard to see a catalyst to push prices higher after earnings season, although Jerome Powell was encouraging in his overall outlook for the US economy: The central bank leader called the economy “strong overall” with a “solid” labour market, and said inflation is easing but remains above the Fed’s 2% goal.
- We can see the NASDAQ trading to new highs, but it’s not a move we would chase.
MM is now neutral towards US stock’s short-term
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