OptionsDesk broker Richard Perry speaks to Proactive's Stephen Gunnion following a volatile week for US equity markets as big tech companies including Google owner Alphabet, Meta, Microsoft and Amazon released third-quarter earnings reports, which were met with a mixed reaction.
Perry noted a considerable spike in volatility ahead of the numbers. While some earnings beat expectations, he said the market may have expected more.
He also touched on global PMI data, the European Central Bank's decision to keep interest rates unchanged, and third-quarter GDP numbers that came in higher than expected, resulting in a negative reaction from equity markets as it places the US Federal Reserve in a tricky position with its next interest rate decision due to the underlying strength in the economy.
Perry said the GDP data potentially highlight future rate hikes of 50 basis points to 100 basis points, and for interest rates to remain higher for longer.
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