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FTSE lifted by oil stocks after US tech sell-off

by LLB Reporter
5th Oct 21 9:47 am

OPEC’s decision not to lift production volumes gave oil prices a lift into Tuesday, helping the FTSE 100 to solid gains as index heavyweights BP and Shell gushed higher.

AJ Bell investment director Russ Mould said: “This followed a tech-led sell-off in the US overnight as investors turned away from the likes of Apple, Amazon and, perhaps most notably, Facebook which had a pretty terrible day on Monday.

“First it faced damaging allegations from a company whistleblower then it saw a lengthy outage on its eponymous social media app as well as its Instagram and WhatsApp platforms.

“After Beijing took its own technology sector to task in 2021, could 2022 see Washington follow suit with tighter regulation?

“A cocktail of risks is brewing for the US market around not just the tech sector but also the debt ceiling and stalled spending plans as political in-fighting continues.”

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