The NASDAQ bounced over 2% overnight as traders chased stocks as the US and China signalled willingness to keep trade negotiations alive, Middle East tensions cooled while the AI rally powered ahead. A key gauge of chipmakers surged +5% as Broadcom Inc. soared 10% – OpenAI agreed to buy its custom chips and networking equipment in a multiyear agreement. With trade jitters easing and investors brushing aside fears of a tech-fuelled bubble, the market rebound showed that the buy-the-dip mentality remains firmly in place. That’s just ahead of the start of the US quarterly earnings season, with a barrage of reports from big banks on Tuesday – further volatility is almost guaranteed on at least the stock level.
- We remain bullish on US tech into Christmas, but over the coming weeks, a deeper pullback wouldn’t surprise.
MM remains neutral towards the NASDAQ short-term
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