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Nasdaq 100, US stock Market Close to Year Lows

12/30/2022 12:01 PM

The leading US tech index Nasdaq 100, has slowed down its negative dynamics and is slowly correcting upwards around 10918.0, supported by positive news from the corporate segment.

Thus, the quotes of Netflix Inc., an American entertainment company, as well as a streaming service for films and series, are rising against the backdrop of a significant adjustment in forecasts from CFRA Research analysts, who increased the recommendation on the issuer's securities by two steps at once – from Sell to Buy. The target price for the company's shares was changed to 310.0 dollars from 225.0 dollars. An upward trend is also observed in the price of the pharmaceutical giant Pfizer Inc. after the first positive results of clinical trials of gene therapy for the treatment of hemophilia appeared.

Yesterday, the main driver that puts pressure on the positions of the Nasdaq 100, which is the debt market, auctions were placed: the rate of return on 3-week bills consolidated at 3.830%, which is higher than 3.610% earlier, and 8-week bills – at 4.250% compared to 3.985% before. As for longer-term bonds, the rate on 7-year Treasury notes was 3.921%, higher than the 3.890% shown last time.

The growth leaders in the index are Tesla Inc. (+8.08%), Warner Bros. Discovery Inc. (+6.31%), Datadog Inc. (+5.87%), and Illumina Inc. (+5.68%).

Decline leaders are Enphase Energy Inc. (–0.71%), Paccar Inc. (–0.67%), Walgreens Boots Alliance (–0.29%), and O'Reilly Automotive Inc. (−0.11%).

On the daily chart, the index quotes continue to decline, approaching the year's lows around 10700.0.

Technical indicators have already reversed and given a new sell signal: fast EMAs on the Alligator indicator are below the signal line, and the AO oscillator histogram forms new downward bars, holding in the sell zone.

Support levels: 10700.0, 10000.0. | Resistance levels: 11180.0, 11800.0.

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