Equities: Tech-led rally faces growing caution - Danske Bank | FXStreet

Global equities have climbed roughly 5% over the past five sessions, led by technology and cyclical shares, but Danske Research says growing caution is emerging in how investors are positioning for the move. The VIX, a measure of implied volatility, has only edged down modestly—from just above 17 to just below 16—suggesting volatility hasn’t fully normalized. The rally has been described as primarily tech-driven rather than macro-driven, with US tech and the Nasdaq fading late in the session after earlier enthusiasm. Danske notes Asia is broadly catching up with late Wall Street action, while South Korea—more sensitive to tech—was weaker and less tech-exposed markets held firmer. Futures in Europe and the US were higher, though Nasdaq futures lagged.