- The Nasdaq 100 is trading at 18,640, recording a loss of 0.26%.
- The Fed authorities showed a position of maintaining reference rates in the range of 5.25%-5.50%, at least until September.
- NVIDIA exceeded market expectations following its latest earnings report.
The index started the European session recording a daily high of 18,945, finding sellers and taking the index to daily lows of 18,607. Currently, the Nasdaq 100 is trading at 18,630, losing 0.36%. Among the companies registering losses today are AMD, which is trading at $159.37, losing 3.72% on the day, and Tesla, which is trading at a loss of 3.35%, trading at $174.10 on the day.
Fed minutes reveal intention to keep rates unchanged in the short term
The Federal Reserve left its monetary policy unchanged after the April 30 and May 1 meeting. According to the CME's FedWatch tool, markets see little chance of a rate cut in June or July by the Fed.
NVIDIA once again exceeded market expectations by reporting revenue of $26.04B versus the expected $2.46B, reporting earnings per share of $6.12 versus the consensus of $5.59. NVIDIA is trading at the time of writing at $1,046, gaining 10.01% daily.
Technical levels on the Nasdaq 100
We observe the first support in the medium term at 18,550, given by the retracement to 78.6% Fibonacci in confluence with the minimum of May 20. The second support is at 18,460, the low of May 17. The nearest resistance is located at 18,840, in convergence with the 23.6% Fibonacci.
One hour chart on the Nasdaq 100
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.
