When bulls get tired, you get a buffalo market: The current volatility in US stock markets signals a “buffalo market,” Bank of America says, according to CNBC — meaning it’s a bull market that can occasionally “wander” and “roam” after rallies or during the summer months. Elections season will also see more choppy markets, especially later in the year.

Buffalos are still in the bull family, which means stocks will end the year on a higher note, according to BoA. Fundamentals like earnings, interest rates, and current financial conditions and investment cycles will boost stocks later in the year.

Earnings and policy > politics: A strong earnings season and the policies that will be implemented under the next US president will trump political conditions in the final market rotation of the year.

ALSO WORTH KNOWING ABOUT FROM PLANET FINANCE- Meta is set to be slapped with its first EU antitrust fine in a few weeks on claims that it’s giving Facebook Marketplace an unfair advantage by rolling it into the social media platform, Reuters reports.

MARKETS THIS MORNING-

Asian markets are relatively mixed, though most are rebounding following sell-offs that saw the indices hit their lowest levels in months yesterday amid a wider sell-off of chip stocks. South Korea’s Kospi rose 0.62%, while small cap Kosdaq gained 0.33% and Hong Kong’s Hang Seng index climbed 0.61%. Japan’s Nikkei flatlined as traders mulled fresh inflation data out of Tokyo.

Wall Street futures are inching up after another bad day for the Nasdaq and S&P 500, with the stocks poised to end the week at a decline.

ADX

9,303

+0.4% (YTD: -2.9%)

DFM

4,237

+0.2% (YTD: +4.4%)

Nasdaq Dubai UAE20

3,670

+0.1% (YTD: -4.5%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

4.9% o/n

5.0% 1 yr

TASI

12,026.

-0.6% (YTD: +0.5%)

EGX30

29,090

-0.4% (YTD: 16.9%)

S&P 500

5,399

-0.5% (YTD: +13.9%)

FTSE 100

8,186

+0.4% (YTD: +5.9%)

Euro Stoxx 50

4,811

-1.0% (YTD: +6.4%)

Brent crude

USD 82.61

+0.3%

Natural gas (Nymex)

USD 2.08

+1.8%

Gold

USD 2,417

+0.7%

BTC

USD 66,401

-0.0% (YTD: +50.3%)

THE CLOSING BELL-

The ADX rose 0.4% yesterday on turnover of AED 976.8 mn. The index is down 2.9% YTD.

In the green: Agthia Group (+8.5%), Julphar (+4.5%) and National Bank of Umm Al Qaiwain (+2.0%).

In the red: E7 Group (-4.7%), Presight AI Holding (-2.8%) and Al Seer Marine Supplies and Equipment (-2.4%).

Over on the DFM, the index closed up 0.2% on turnover of AED 546.9 mn.

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