- The Nasdaq 100 fell 1.64% at the close of trading.
- Moderna Inc (MRNA) is down 6.47%, while Intel Corporation (INTC) is down 6.12%.
- Investors will be looking to Jerome Powell for a speech at the Jackson Hole symposium tomorrow.
The Nasdaq 100 hit a daily high at 19,936, finding aggressive sellers who drove the tech-heavy index to a daily low of 19,458. At the close of trading, the Nasdaq 100 is trading at 19,496, down 1.63% on the day.
Moderna and Intel lead losses on the Nasdaq 100
Intel CEO and semiconductor industry veteran Lip-Bu Tan has informed the board of directors of his intention to step down from his position effective immediately. The news comes amid a difficult environment for the company, which is forecasting revenue well below analyst estimates and planning to cut more than 15% of its workforce. Intel shares fell 6.12% to close the session at $20.10.
On the other hand, biotechnology company Moderna Inc. recorded a 6.47% loss in its share price, trading at $81.04 at the end of the day.
Investors will be focused tomorrow on Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole symposium. The tone of his speech is expected to reflect the easing of monetary policy, confirming a rate cut in September.
Technical levels on the Nasdaq 100
The Nasdaq 100 reacted lower at 19,936, establishing a short-term resistance that converges with the 78.6% Fibonacci retracement. The first support is observed at 18,830, given by the pivot point of August 14. The next key support is at 17,775, the low of August 8. The Relative Strength Index is at 54.49, showing a bias in favor of buyers, however, the intentions to take the index to higher prices have decreased in recent sessions.
Nasdaq 100 daily chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
