A lack of US-Iran talks and this week’s frenetic calendar have weighed on stock markets today, says Chris Beauchamp, Chief Market Analyst at online trading and investing platform IG.
Slow start to a busy week
Monday’s relatively empty calendar stands in stark contrast to the action-packed week that lies ahead of everyone, and so today’s price action has fallen firmly into the ‘snoozefest’ category. Hopes of US-Iran talks can only carry a market so far, and we have seen today’s attempt at a rally wilt under concerns about this week’s newsflow and renewed strength in oil prices.
Alphabet edges to a new record high
Previous suggestions that Alphabet would be the big loser from AI now seem to come from a parallel universe. The search engine giant has been the standout winner of the Magnificent 7, trouncing even Nvidia, and yet it shows no sign of slowing down ahead of its earnings. Having captured the AI fever with its latest Gemini model, it seems to have built itself a powerful moat to go with its formidable ad revenue capabilities.
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