Wall Street’s benchmark tech picker is poised to conquer its historic highs, at 0.75% at the close of the European sessionafter months of struggle to recover the long-awaited property 20,650 points. The Nasdaq 100 reached these levels on July 10 of this year, a mark with which it managed to close its price that session, but over the months it has no longer touched them, despite repeated attempts by the index to reach this level again. top, which continues in a process of digestion of the increases. The last attack at these levels took place this Tuesday, which was up 1.3% to 20,387 points in the middle of the results season. The index had reached a push in the last bullish sequence of the American technology companiesin the middle of earnings season and waiting for four of the seven Magnificents to be presented in the rest of this week, after excellent data from Alphabet and Tesla. But obstacles appeared within this sector, such as SuperMicro and AMD, which led the Nasdaq to fall during the session.
The trend on Wall Street is not very distant, having guided the increases in the technology index, which follows to a lesser extent the American benchmark, the S&P 500. The American index par excellence falls 0.33% in the sessionis also about to collect his caps. On the other hand, the Dow Jones remained practically at paintings throughout the session. At the end of the session, it lost 0.2% and was 2% from its historic highs: 42,200 points. Stocks across the Atlantic lost ground following the latest data showing the strength of the US economy, reinforcing bets that the Federal Reserve will not make further rate cuts.
After closing its price on Tuesday at 20,550 points, this Wednesday the session began with losses for the Nasdaq 100which became softer as the day went on. For now, the index still has to digest these highs, even if “the Nasdaq 100 has a duty this week to return to the highs it established in mid-July, and which it will probably end up surpassing “, according to Ecotrader analyst and strategist, Joan Cabrero, but “we will first have to see if he chooses to consolidate more time, something we will know if it lost the support of 19,930 points“, argues the expert.
With less than a week before the US elections, investors are becoming more cautious about the next electoral meeting between Harris and Trump. Faced with the disappointing results of Advanced Micro Devices, traders chose 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 was hit the hardest and corrected by 30% due to EY dropping out due to rumors related to irregularities in its accounts.
This has led semiconductor companies to turn their prices negative, after the last rebound they experienced. Qualcomm, ASML and Micron they dropped about 3% at the end of the European session. Even Alphabet’s accounts fail to encourage the index, the last of the big technologies to be accountable, which increased by 5% on the stock market after exceeding all analysts’ forecasts. The company exceeded market expectations for the third quarter of the year, recording revenue of $88.27 billion, above the $86.45 billion estimated by the consensus of experts. by Bloomberg.
Tesla pushed the index
The index had been pushed by the bullish sequence experienced by technology companies across the Atlantic since last Thursday, during which they have accumulated increases for five days. The driving force behind this increase came from a unexpected signature: Tesla. Elon Musk’s company surprised the market last week by delivering better than expected results, after disappointing in previous editions, which convinced investors and led the company to increase its stock price at full speed. In the session following the publication of this data, Tesla appreciated by 20%. From then on, companies producing microchips were the most favored by the investment climate.
