Nasdaq 100 at $19,700 Amid Nvidia’s Rebound and Key Inflation Data
U.S. stock index futures remained steady on Tuesday evening after Nvidia and other chipmakers saw a significant recovery
U.S. stock index futures remained steady on Tuesday evening after Nvidia and other chipmakers saw a significant recovery, lifting Wall Street indices.
Investors are still cautious as they await key inflation data due later this week, which will greatly influence future interest rate decisions.
Nvidia’s Comeback Supports the Market
Nvidia Corporation (NASDAQ: NVDA) rebounded strongly, surging nearly 7% on Tuesday after three days of substantial losses driven by profit-taking and concerns over AI demand. This bounce positively impacted other chipmakers and helped bolster overall Wall Street indices. Nvidia continued its rise, gaining 0.9% in after-hours trading.
“AI demand remains robust, and Nvidia’s performance is a testament to its critical role in this burgeoning sector,” noted market analyst Tina Teng.
Inflation Data and Federal Reserve’s Rate Decisions
Investors are eagerly waiting for the release of the Personal Consumption Expenditures (PCE) price index data, the Federal Reserve’s preferred measure of inflation, due later this week. This data will be pivotal in shaping the Fed’s approach to interest rates. Despite recent signals from the Fed suggesting a more cautious stance, the market expects at least one 25 basis point rate cut in September.
As of 19:17 ET (23:17 GMT), S&P 500 futures remained steady at 5,535.75 points, while Nasdaq 100 futures were flat at 19,973.50 points. Dow Jones futures slightly dipped by 0.1% to 39,484.0 points.
Broader Market Movements
On Tuesday, the S&P 500 rose 0.4% to 5,469.30 points, while the NASDAQ Composite surged 1.3% to 17,720.05 points. The Dow Jones Industrial Average, which is more sensitive to economic conditions, fell 0.8% to 39,112.16 points. The recent AI-driven boom in tech stocks has kept the S&P 500 and Nasdaq near record highs, underscoring the sector’s pivotal role in the current market environment.
FedEx Corporation (NYSE: FDX) experienced a significant surge in aftermarket trading, jumping 14% after forecasting a positive profit for fiscal 2025, which exceeded Wall Street estimates. “FedEx’s ability to optimize operations and cut costs has been pivotal, even as demand for package deliveries remains subdued,” said economist Dana Peterson.
NASDAQ 100 Price Forecast
The NASDAQ is trading at $19,701.13, up 1.16%. The 4-hour chart shows a pivot point at $19,738.31, a key level for market direction. Immediate resistance is seen at $19,836.24, with further resistance levels at $19,979.23 and $20,092.54. On the downside, immediate support is at $19,620.41, followed by $19,517.89 and $19,409.98.
The Relative Strength Index (RSI) stands at 54, indicating neutral market conditions with a slight bullish bias. The 50-day Exponential Moving Average (EMA) is positioned at $19,490, providing a support level below the current price.
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