Stock markets have had some stumbles recently, with selloffs in the technology sector followed by rapid recoveries, but the fundamentals of the AI rally have not changed, says Dr. Jacky Tang, the Private Bank’s CIO for emerging markets. “The reality is these stocks have had incredible runs so far this year. So investors are constantly asking themselves whether they've become a little bit too optimistic,” Jacky says. “To me, this feels more like a market that's digesting the gains rather than a market that is losing its way.”
In the week ahead, the US jobs report is likely to be the event to watch, particularly after recent debates around how much the Federal Reserve is willing to do to control inflation. “The market is obsessed with trying to figure out what the Fed would do next. And I think the jobs report is one of the biggest clues,” Jacky says. “The last payroll number came in softer than expected. So everyone is waiting to see whether it was just a temporary wobble or the start of a broader cooling trend.”
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