HomeLive CommentsTech sector propels NASDAQ to new record

Tech sector propels NASDAQ to new record

The US stock markets continued to display diverged performance. While DOW continued to struggle to bounce, S&P 500 and NASDAQ surged to new record highs. In the background, investor confidence is growing that Fed will begin cutting interest rates in September, with markets currently pricing in nearly 70% odds of this outcome.

A significant driver of this bullish sentiment is the strong performance of the tech sector, which has boosted overall risk appetite. Nvidia’s market valuation reached the USD 3T for the first time, surpassing Apple to become the world’s second-most valuable company.

Technically, near term outlook will now stay bullish in NASDAQ as long as 16336.07 support holds. A goldilocks non-farm payroll report tomorrow could prompt upside acceleration towards 138.2% projection of 10207.47 to 14446.55 from 12543.85 at 18427.31.

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