US100 – Tech Stocks Bounce Back After a Rough Week

The Nasdaq 100 trades around 30,087 today, back near the record levels it hit in mid-June. On Tuesday, it jumped more than 1.5%, its best day in weeks, as chip stocks bounced back strongly. Nvidia rose 2.6%, AMD gained 7.7%, and Intel added 6%, a full reversal from the AI worries that hit the sector at the end of June.

That earlier drop came after a report said OpenAI might delay its stock market debut, which raised doubts about how much money is really going into AI. This week, strong guidance from chip companies made investors less worried, and they focused on the good news instead.

The bigger picture supports this. The Nasdaq just closed its best quarter since 2020. Falling oil prices and easing inflation fears gave the Fed more reason to stay patient, and that helped the whole market, not just tech stocks.

Still, this market can move fast in both directions. Two weeks ago, the same stocks that just rallied were the ones pulling the index down. That kind of swing means positions can flip quickly, in either direction.

Fed Chair Kevin Warsh speaks this week at the ECB's forum in Sintra, Portugal. Any hint about the pace of rate hikes could move the market as the new quarter begins.

US100 key levels:

• Resistance: 30,300, then 30,470
• Support: 29,500, then 28,700

Watching: Fed Chair Warsh's remarks in Sintra, chip-sector earnings guidance, US jobs data this week.

By Born2trade market research department

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