The Nasdaq 100 ends the week with gains driven by Fastenal and PACCAR

  • The Nasdaq 100 gains 0.14% daily, marking its fifth consecutive week on the rise.
  • Fastenal Company (FAST) shares soar 9.76%, after exceeding expectations in its quarterly report.
  • PACCAR (PCAR) rebounds 3.07%, reaching three-and-a-half-month highs.

The Nasdaq 100 hit a daily low of 20,133, finding buyers that took the index to a daily high of 20,312. Currently, the Nasdaq 100 trades at 20,268, gaining 0.16% at the close of trading.

Fastenal Company (FAST) Beats Analyst Estimates in Its Earnings Report

Fastenal Company (FAST) shares show a gain of 9.76% to trade at $76.82, reaching more than six-month highs not seen since March 28. Investors were encouraged after the company’s quarterly report, which reported revenue of $1.91 billion and earnings per share of $0.52, beating analyst estimates.

On the other hand, PACCAR (PCAR) recorded a daily gain in its stock price of 3.07%, reaching highs not seen since July 22 of $106.80.

Technical levels on the Nasdaq 100

The Nasdaq 100 maintains the bullish outlook after reacting upwards at a support located at 19635, given by the October 2 low. The next key support zone is seen at 19291, the pivot point of September 16.

On the upside, key stock is at 20,754, given by the all-time high reached on July 11. The Relative Strength Index is at 61.44, above the midline of 50, confirming short-term buying pressure with intentions to explore higher levels.

Nasdaq 100 4-hour chart

Source: Fx Street

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