U.S. equity index futures green; Nasdaq 100 up ~0.6%
Mortgage market index 212.3 vs 214.9 last week
Euro STOXX 600 index up >1%
Dollar rises; gold, crude slip; bitcoin down >1%
U.S. 10-Year Treasury yield edges down to ~4.29%
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AHEAD OF NVIDIA RESULTS, NASDAQ COMPOSITE ON 4-DAY LOSING STREAK
With AI chip-giant Nvidia NVDA.O poised to post its quarterly results after the closing bell on Wednesday, the Nasdaq composite .IXIC has been on the back foot.
The tech-laden index is now down four-straight days and with this, on Tuesday, it threatened its early-2025 low:
On Tuesday, the IXIC fell to 18,871.52, putting it just above support at its mid-January low, at 18,831.91, and its July 2024 high, at 18,671.07. The index then bounced to finish at 19,026.39.
The composite is now down about 1.5% so far this year vs an S&P 500 index .SPX gain of about 1.3%. Of note, big tech has been stumbling this year. The S&P 500 tech sector .SPLRCT is off about 3.1%, while the Mag 7 ETF MAGS.K has lost about 5%.
In the event 18,671 were to give way, the rising 50-week moving average $(WMA.AU)$, which is now around 18,000, may be the composite's next magnet.
Of note, in the wake of the IXIC's late-2021 peak, the 50-WMA, once broken, capped strength into the market's 2022 bear-market lows. And since it was reclaimed on a weekly closing basis in March 2023, the 50-WMA has contained Nasdaq weakness.
A quick decline now to the 50-WMA would put the composite down about 11% from its 20,204,58 December 2024 record intraday high.
An immediate reversal back above the broken resistance line from the Y2K high, which is now around 19,300, can suggest the composite is refocused on its highs.
Since forging above this line in late-November of last year, the IXIC has not seen a weekly close back below it.
(Terence Gabriel)
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FOR WEDNESDAY'S EARLIER LIVE MARKETS POSTS:
WHERE TO MAKE SPACE FOR A EUROPE OVERWEIGHT? SELL BIG TECH - CLICK HERE
EUROPEAN AUTOS: GOOD NEWS COMING INTO SIGHT - CLICK HERE
WHO KNOWS WHERE THE EURO GOES, BUY VOL? - CLICK HERE
STOXX BACK AT RECORD HIGH - CLICK HERE
EUROPE BEFORE THE BELL: RISK-ON IN EUROPE, AFTER RISK-OFF IN US - CLICK HERE
MORNING BID EUROPE: NVIDIA RESULTS OFFER WINDOW INTO AI SPENDING - CLICK HERE
IXIC02262025 https://tmsnrt.rs/41vDdSy
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)
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