Wall Street’s benchmark technology selective is close to conquering its historical highs, at 0.75% at the close of the European sessionafter months fighting to recover the longed-for 20,650 points. The Nasdaq 100 reached these levels on July 10 of this year, the mark with which it managed to close its price that session, but as the months have passed it has not touched them again, despite the index’s repeated attempts to reach this level again. top, which continues in a process of digesting the increases. The last attack at these levels was this Tuesday, which was 1.3% at 20,387 points in the middle of the results season. The index had achieved a push in the latest bullish streak of the American technology companiesin the middle of the results season and waiting for four of the seven Magnificents to be presented in the rest of this week, after the excellent data from Alphabet and Tesla. But obstacles have appeared within this sector, such as SuperMicro and AMD, which lead the Nasdaq to decline in the session.
The trend on Wall Street is not very distant, after having guided the increases in the technology index, which follows the United States benchmark, the S&P 500, to a lesser extent. The American index par excellence falls 0.33% in the sessionis also close to getting his caps back. In contrast, the Dow Jones remained practically at tables throughout the session. At the end of the session, it lost 0.2% and is 2% away from its all-time highs: 42,200 points. Equities on the other side of the Atlantic lost buying on the latest data showing the strength of the US economy, strengthening the bet that the Federal Reserve will not carry out further rate cuts.
After having closed its price on Tuesday at 20,550 points, this Wednesday the session started with losses for the Nasdaq 100which became softer as the day went by. For the moment, the index still has to digest those highs, although “the Nasdaq 100 has the duty for this week to recover the highs it established in mid-July, which it will probably end up surpassing,” according to the Ecotrader analyst and strategist, Joan Cabrero, but “first we will have to see if he chooses to consolidate more time, something that we will know if it lost the support of 19,930 points“argues the expert.
With less than a week until the US elections, investors are more cautious about the next meeting at the polls between Harris and Trump. Given the disappointing results of Advanced Micro Devices, traders have chosen to get rid of their shares and the firm fell 10% on the stock market at the close of the session in Europe. Meanwhile, Super Micro took the worst hit and corrected 30% due to the abandonment of EY due to rumors related to irregularities in its accounts.
This has led semiconductor companies to turn their prices negative, after the last rally they experienced. Qualcomm, ASML and Micron they gave up around 3% at the end of the European session. Not even Alphabet’s accounts manage to encourage the index, the last of the big techs to be held accountable, which rose 5% in the stock market after breaking all analysts’ forecasts. The company beat market expectations for this third quarter of the year, registering $88.27 billion in revenue, above the $86.45 billion estimated by the expert consensus gathered by Bloomberg.
Tesla pushed the index
The index had been pushed by the bullish streak that technology companies have been experiencing on the other side of the Atlantic since last Thursday, in which they have been accumulating increases for five days. The driving force behind this rise has come from a unexpected signature: Tesla. Elon Musk’s company surprised the market last week by delivering better-than-expected results, after having disappointed in previous editions, which convinced investors and led the company to raise its stock market price at full speed. In the session after the publication of these data, Tesla appreciated 20%. From then on, microchip producing companies were the most favored by the investment mood.
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