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Nasdaq 100 hits new all-time high driven by Intel and Marvell

  • The Nasdaq 100 started the week with a marginal gain of 0.23%, setting a new all-time high at 20,456.
  • Intel (INTC) is up 6.10%, in line with Marvell (MRVL) which is up 3.67% today.

The Nasdaq 100 hit a daily low during the European session at 20,351, rebounding to a new all-time high at 20,456. At the close of the American session, the Nasdaq 100 was trading at 20,433, gaining 0.23% on the day.

Nasdaq 100 hits new all-time highs, boosted by Intel and Marvell

The Nasdaq 100 technology index once again reached new all-time highs at 20,440, driven by Intel shares, which closed at $33.99, gaining 6.15%. In the same vein, Marvell is trading at $74.94, with a gain of 3.93%.

The chances of interest rate cuts have increased, in a context in which employment and inflation data suggest a relaxed and expansionary monetary policy. Investors will be attentive to the quarterly results that begin on July 11, with Pepsico standing out with an estimate of $22.66 billion in revenue and earnings per share of $2.16.

Technical levels on the Nasdaq 100

The Nasdaq 100 established a first support at 20,167, the low of July 5. The next support is at 19,966, in confluence with the 50% Fibonacci retracement. The nearest resistance is at 20,600, given by the 161.8% Fibonacci extension.

Nasdaq 100 4-hour chart

Source: Fx Street

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