The recent tech-led rebound on Wall Street, highlighted by significant gains in the S&P 500 and Nasdaq 100, has set a positive tone for global markets, with Asian stocks poised to follow suit. Nvidia's impressive rally of 8.9% has bolstered confidence in the tech sector, despite earlier concerns over competitive pressures from emerging AI technologies. Investors are now turning their attention to the Federal Reserve's upcoming rate decision and the start of the big-tech earnings season, which are expected to provide further direction for the markets.
In the commodities space, West Texas Intermediate (WTI) oil has seen an uptick, reflecting a complex interplay of factors beyond the strengthening US dollar, which typically exerts downward pressure on dollar-denominated commodities. This suggests that supply and demand dynamics or geopolitical considerations may be at play. As of 18:01 on January 28, WTI oil is trading at $73.98, slightly up from its last close of $73.77.