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Nasdaq 100 trades slightly lower after Fed minutes

  • 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

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