- The Nasdaq 100 is up 60 points, gaining 0.30% at the close of the session.
- ON Semiconductor (ON) reported a capital gain of 12.30%, after exceeding expectations in its quarterly report.
- Investors will be keeping an eye on earnings reports from Microsoft and AMD tomorrow.
The Nasdaq 100 set a daily high at 19,227 during the American session, finding sellers that led the index to a daily low of 18,970. At the close of trading, the Nasdaq 100 was trading at 19,052, gaining 0.30% on the day.
ON Semiconductor and Tesla keep the Nasdaq 100 in positive territory
The leading ON semiconductor technology solutions provider released its quarterly report today, reporting revenues of $1.74B compared to the $1.73 expected by the market. It also reported earnings per share of $0.96, beating analysts’ expectations of $0.92.
These results have brought the share price to a gain of 12.30% at the close of trading. In the same vein, Tesla shares are trading at $231.68, up 5.35%.
Earnings season continues tomorrow with Microsoft and AMD expecting consensus revenues of $64.38B and $5.72B, respectively.
Technical levels on the Nasdaq 100
The Nasdaq 100 formed short-term support at the July 25 low of 18,728. The next support is at 18,000, in convergence with the 23.6% Fibonacci retracement. The closest resistance is at 19,629, given by the 21-period Exponential Moving Average.
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.
