What Happens Now That the Fed Is the Only Pillar for Bulls?

With the US on holiday, market activity has slowed, leaving investors to digest a strong month of earnings. The S&P 500 delivered 13.4% growth, led by healthcare, financials, consumer discretionary, and technology. Big Tech, including Nvidia, posted better-than-expected results, but concerns over cash flow, inventories and AI deal circularity weighed on sentiment. The Fed’s recent dovish signals helped stabilize markets, pushing rate-cut expectations higher and supporting a tech-led rally. European and Asian markets have been mostly quiet, with mixed results in tech and limited upside. Uncertainty remains high around AI valuations, Fed policy and global macro conditions. A Santa rally is possible if inflation stays subdued, but profit-taking and volatility remain risks. Gold and oil are responding to macro signals, with OPEC expected to stop bringing extra barrels to the market. Listen to find out more! Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020, and launched her own website ipekScope.com in 2025.