Published on: 2024-04-01
Asian stocks opened higher at the start of April, led by a rally in the Chinese market. The S&P 500 registered its biggest Q1 gains in five years as inflation risks are ebbing this year.
Each of the three main US indexes recorded solid quarterly gains with the S&P 500 rising around 10%. Investors’AI craze continued to drive large inflows into related companies despite stretched valuations.
Last month Elon Musk’s startup Xai opened source Grok, its chatbot rivalling ChatGPT. Meanwhile, it was announced that Google’s Gemini AI will be available on Pixel 8 and perhaps on the next iPhone.
The US brushes aside recession fearmongering. Data on Thursday showed the world’s largest economy grew faster than previously estimated in Q4. partly due to strong consumer spending.
However, the ongoing rally is set to broaden out beyond technology, according to Citigroup strategists whose outlook on the sector has turned more cautious. The NASDAQ 100 has not outperformed so far.
They reduced their stance on the crowded sector to market-weight from overweight on the back of a new underweight recommendation on overblown hardware companies.
The tech-heavy index is exhibiting bearish MACD divergence, which typically gives a sell signal. But the uptrend is left undisturbed as long as 50 EMA is respected.
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