By: Gustian Farrow, Head of StoneX TV • Content Channels
Alex Ridgers, StoneX Global Head of Retail Dealing, shares his perspective on the return of market volatility, commodity price shifts, and the dominance of cloud and AI in the latest earnings cycle.
After weeks of subdued movement, volatility made a comeback in the markets, but not in the usual sectors. <e,>“The big move was copper down 22% which I mean in in anything is dramatic”. Contrary to headlines blaming tariffs, Ridgers pointed out the fall was due to a supply glut as traders prepared for tariffs that ultimately did not apply to all copper imports.</e,>
With the US in the middle of earnings season, Ridgers observed, “If you look at the long term growth of the Nasdaq over I mean any major US index… when we look at the daily ranges they've absolutely collapsed”. Tech giants like Meta and Microsoft reported significant investments in AI, with Meta planning to spend $60 billion and Microsoft’s intelligent cloud segment growing by 26%. Apple and Amazon’s results are also expected to focus on cloud and service revenues as hardware sales lag.
Gold and oil have stabilized amid strong US GDP growth and robust dollar strength. Ridgers said, “If you look at gold in euros valued in euros, it's completely stagnant now”, signaling a potential end to the narrative that strong gold prices predict recession. Crude oil remains range-bound with abundant supply from multiple regions.
Looking forward, Ridgers believes, “Index volatility is going to be the sort of the big one. As they're talking about that coiled spring effect where you know you can't keep going to lower and longer ranges. Eventually there's a big breakout”. The key question is which direction that breakout will take. With technology stocks shifting focus from hardware to software and AI, traders are watching for the next catalyst that could release the market’s coiled spring.
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---- Written by Gus Farrow
---- Expert: Alex Ridgers, StoneX Global Head of Retail Dealing
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