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QCP Capital said the Federal Reserve, the European Central Bank and the Bank of Japan all held benchmark rates steady this week, while markets are pricing in the possibility of December rate hikes in Europe and Japan.
The trading firm said tech stocks also added to market uncertainty, with shares of Alphabet, Amazon, Meta and Intel falling after their quarterly earnings releases. On the Binance hack, QCP said markets gradually regained stability afterward and investors appeared to view the incident as company-specific risk rather than systemic risk across the broader crypto ecosystem. Looking ahead, QCP said economic data released between Fed rate decisions, along with guidance from tech companies on AI infrastructure investment plans and expected returns, will be key variables shaping market direction.