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Nasdaq 100 Market Update

11/3/2022 1:03 PM

Nasdaq 100 quotes are declining against the background of other stock indicators, trading at the moment at 10882.5. The main reason for the negative dynamics is the strong dependence of technology companies, which form the basis of the index, on the cost of borrowing, which is regulated by the US Federal Reserve interest rate. The day before the regulator once again increased the value by 75 basis points to 4.00%, thereby further increasing the debt burden on the technology sector.

One of the world's leading memory chip makers, Advanced Micro Devices Inc., reported a drop in quarterly revenue to 5.60 billion dollars from 6.55 billion dollars in the previous quarter. Earnings per share again dipped below 1.0 dollar to 0.67 dollars, a significant drop from 1.05 dollars a quarter earlier.

On the positive side, the company that owns popular online dating apps, Match Group Inc., reported revenue of 809.5 million dollars, surpassing the 794.5 million dollars reported the quarter before. The company also closed the quarter with a profit of 0.44 dollars per share after the previous quarter's loss of 0.11 dollars.

The growth leaders in the index are Match Group Inc. (+4.19%), Inc. (+3.64%), Seagen Inc. (+1.90%), Electronic Arts Inc. (+1.89%).

Among the leaders of the decline are Airbnb Inc. (-13.43%), Atlassian Corp. Plc. (-10.09%), DocuSign Inc. (-9.88%), Zscaler Inc. (-8.18%).

Quotes of the index continue to trade within a narrow downward channel, approaching the annual low.

Technical indicators maintain a steady sell signal: fast EMAs on the Alligator indicator are moving away from the signal line, and the AO oscillator histogram is forming new bars, being below the transition level.

Support levels: 10700.0, 10260.0. | Resistance levels: 11200.0, 11700.0.

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