Solid News

Nasdaq 100 Market Update

8/2/2022 3:28 PM

The US stock market continues to adjust after a serious fall in early summer, trying to use every opportunity for growth. Now the catalyst for the upward dynamics is the correction in the dollar, which has fallen to the level of 105,000 in the USD Index. Against this background, Nasdaq 100 quotes are actively adding in value, currently trading around 12850.0.

As for the corporate segment, it is not planned to publish new financial reports of companies until Wednesday, but investors are assessing the impact of the fundamental background on the issuers' quotes. Thus, the shares of the aircraft manufacturer Boeing Co. showed rapid growth amid reports that the specialists of three factories for the production of military aircraft in Missouri decided to postpone their strike, as management presented new terms of the working contract. The growth is also shown in the stocks of the largest Chinese company operating in the field of Internet commerce, Alibaba Group Holding Ltd., after the negative regarding the possible delisting of the company from the NYSE exchange was leveled.

The situation in the domestic bond market, where the downward correction continues, also contributes to the growth of stock indices. Thus, the yield rate on popular 10-year securities is 2.543% and today it is decreasing by 2.39%, and the yield on conservative 20-year bonds has dropped to 3.069%, having lost 1.55% since the beginning of trading.

The growth leaders in the index are Advanced Micro Devices Inc. (+2.45%), DocuSign Inc. (+2.39%), PayPal Holdings Inc. (+2.35%), DexCom Inc. (+2.13%).

Among the leaders of the decline are Biogen Inc. (−2.70%), Pinduoduo Inc. (−2.69%), Seagen Inc. (−2.51%), Vertex Pharmaceutical Inc. (−2.35%).

The index quotes continue to form a global descending channel, approaching the resistance line. Technical indicators are in the state of a buy signal: fast EMAs on the alligator indicator continue to stay above the signal line and expand the range of fluctuations, and the histogram of the AO oscillator is steadily increasing in the buy zone.          

Support levels: 12685.0, 11810.0. | Resistance levels: 13090.0, 13880.0.

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