- The Nasdaq 100 is trading higher, gaining 2.33% on the day.
- Starbucks shares soar 20.85% after appointment of new CEO.
- Arm Holdings Inc is up 5.87%, leading the semiconductor sector.
The Nasdaq 100 set a daily low at 18,552 attracting aggressive buyers who have driven the tech-heavy index to a high not seen since August 1 at 18,986. Currently, the Nasdaq 100 is trading at 18,963, gaining 2.27% today.
Starbucks shares soar after Brian Niccol is appointed as its new CEO
Starbucks has removed Laxman Narasimhan as CEO of the company and hired Brian Niccol from Chipotle Mexican Grill in his place.
Starbucks investors are looking favorably on this move and are reflecting this in the price of its shares, which have shot up more than 20% since the news was announced.
Brian Nicole is a successful fast-food executive, best known for running Taco Bell and Chipotle Mexican Grill before joining Starbucks. The new CEO’s mission will be to get back on track with the innovation that once distinguished the company.
On the other hand, the semiconductor manufacturing company Arm Holdings has seen a 6.80% increase in the price of its shares, trading at $125.10.
Technical levels on the Nasdaq 100
The Nasdaq 100 established support at 17,272, the low from August 5. The closest resistance is at 19,536, the pivot point from August 1. The next resistance is at 19,971, the high reached on July 18, in convergence with the 78.6% Fibonacci retracement.
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.
