Is this the start of the stockmarket's end game?

Although UK and European markets have faced some currency headwinds recently, more generally global equity markets continue to hit new highs, as the fear of missing out has escalated and a tidal wave of new money combined with a surge in M&A activity has seen share prices increase sharply.

The acceleration of share price rises has caught even prominent bulls by surprise, as each day adds to equity valuations and raises suggestions that the market may be entering a late-cycle surge.

The 'euphoric' phase of bull market runs typically signals the start of the end game, but it is also a time when stockmarket gains are at their most pronounced, making it a difficult decision for investors as to whether to cash in, or hope that the good times will keep rolling for a little while longer.

Technology stocks have been at the forefront of equity market gains, and this week is pivotal for keeping the momentum going, with three of the four original FANGs reporting alongside Apple and Microsoft, and expectations running high.

Netflix surged last week on spectacular results, joining the exclusive $100 billion market cap club, and underscoring the increasing importance that tech stocks are playing in the equity market boom.

Federal Reserve Chair Janet Yellen's last policy meeting on Wednesday is not expected to deliver any change or surprise for investors, as she hands over the reins to Jerome Powell.

Governor Yellen leaves behind an impressive legacy, with unemployment levels at just 4.1%, the economy running close to full capacity and US equity markets at record highs.

President Trump can claim some of the credit for these stats, but investors owe a debt of gratitude to Janet Yellen for steering the US economy back to full health.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.