Nasdaq 100 posts losses weighed down by Moderna and Arm Holdings

• The Nasdaq 100 fell 215 points, representing a loss of 1.07%.
• Moderna (MRNA) is down 17.80%, along with Arm Holdings (ARM) which is down 14.90%, on the day.
• Investors will be keeping an eye on earnings reports from Apple (AAPL) and Amazon (AMZN) after the market closes.

The Nasdaq 100 set a session high at 19,536, encountering aggressive sellers who drove the index to a daily low of 19,102. At the time of writing, the Nasdaq 100 is trading at 19,113, losing 1.19% today.

Moderna and ARM plunge, dragging the Nasdaq 100 into negative territory

Biotechnology company Moderna released its financial report today, beating analyst expectations by reporting revenue of $241 million, versus the consensus of $128.41 million.

However, Moderna shares fell 18% due to a downward revision to its annual revenue. Although the reported revenue beat expectations, it represents a 30% decrease from the $344 million reported in the same quarter last year.

In the same vein, British semiconductor company ARM Holdings is trading at $122.33, down 15.17% early in the session.

Investors will be focused on quarterly reports from Apple and Amazon at the end of the day.

Technical levels on the Nasdaq 100

The Nasdaq 100 established short-term resistance at 19,500, in convergence with the 50% Fibonacci retracement. The first support is found at the July 30 low at 18,664. The next support is found at 18,190, the pivot point of May 31. The Relative Strength Index shows a predominant selling pressure in the short term, standing at 44, below the midline of 50.

Nasdaq 100 4-hour chart