Solid News

Nasdaq 100 Market Update

8/9/2022 1:38 PM

US stock indicators continue to correct upwards on the back of positive corporate reports and increased activity in the mergers and acquisitions market, which is of a pronounced seasonal nature. The Nasdaq 100 is currently trading at 13186.0.

Electric vehicle manufacturer Tesla Inc. announced another stock split, which this time will take place in a ratio of 3:1. The record date is on August 17, and the payout is scheduled for August 24. Trading on the new quote will start on August 25, immediately after the dividend payment. In turn, the pharmaceutical giant Pfizer Inc. announced that it has reached an agreement to acquire competing drug maker Global Blood Therapeutics Inc. for 5.4 billion dollars. The deal is expected to close before the end of this year.

The growth of the stock market also benefits from the situation in the domestic bond market, where the downward correction continues: the rate of return on the popular 10-year US Treasury is 2.761% and has remained virtually unchanged today, falling by only 0.08%, while the yield on the conservative 20-year bonds has fallen to 3.2154%, also declining by 0.08% since the start of trading.

The growth leaders in the index are Lucid Group Inc. (+3.71%), Workday Inc. (+3.15%), Netflix Inc. (+2.96%), Zscaler Inc. (+2.89%).

Among the leaders of the decline are NVIDIA Corp. (-6.30%), Pinduoduo (-5.13%), Inc. (-4.96%), Marvell Technology Group Inc. (-2.37%).

The index quotes left the global downward channel, having overcome the resistance line. Technical indicators are in a buy signal state: fast EMAs on the Alligator indicator are above the signal line and are widening the fluctuation range, and the AO oscillator histogram is increasing in the buy zone.

Support levels: 12896.0, 11720.0. | Resistance levels: 13530.0, 14595.0.

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