- The Nasdaq 100 gains 0.29% on the day, reaching new September highs.
- PDD Holdings shares soar 12.54% following stimulus announced by the People’s Bank of China.
- Micron Technology shares rise 13.14% to two-month highs
The Nasdaq 100 opened the day with a gap higher, marking a session high of 20,313, where it attracted aggressive sellers who drove the tech-heavy index to a daily low of 19,968. Currently, the Nasdaq 100 is trading at 20,028, gaining 0.29% today.
PDD Holdings and Micron Technology lead the Nasdaq 100 to new monthly highs
Shares of Chinese business group PDD Holdings, owner of e-commerce apps such as Pinduoduo and Temu, have soared 12.54% following the economic measures announced by the People’s Bank of China focused on cutting interest rates and reducing the bank capital reserve ratio by 0.50% to provide liquidity to the market.
In the same vein, shares of semiconductor manufacturer Micron Technology gained 13.30%, reaching highs not seen since July 23 at $114.80.
Technical levels on the Nasdaq 100
The Nasdaq 100 reacted to the upside at a key support located at 18,394, pivot point of September 6. The next support zone is at 17,272, low of August 5.
The nearest resistance is at 20,313, the monthly high that was rejected today. The next key resistance is at 20,754, the all-time high reached on July 11.
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.
