Markets mixed, looking “like bubble in late ’90s”

Markets were mixed on Thursday.

The S&P 500 rose 0.3 percent but the STOXX Europe 600 fell 0.5 percent.

Scott Brown, technical strategist for LPL Financial, said that the technology sector “recently hit a 52-week relative high and we believe that sets up a favorable outlook heading into 2022”.

However, Vital Knowledge’s Adam Crisafulli noted: “For a second consecutive session the underlying price action is a lot weaker than the headline indices make it seem with a handful of large stocks masking selling elsewhere.”

Meanwhile, Liberty Media Chairman John Malone told CNBC that the current situation in the stock market reminds him of the dot-com bubble in the late 1990s.

“There’s no question that the equity markets right now are so interested in growth above all other criteria and this is, like, the bubble in the late ’90s ... through 2000,” said Malone.