Nasdaq 100 Sits in Positive Territory as Apple Earnings Come into Focus

Nasdaq 100, Facebook, Meta, Apple, ARKK – Talking Points

  • Nasdaq 100 futures have cooled from in a single day highs, stay constructive
  • Apple up 3% with earnings set to cross the wires after Thursday’s shut
  • ARKK struggling, down 6%+ on the day and again beneath $50

Nasdaq 100 futures remained in constructive territory on Thursday regardless of cooling sharply from premarket highs. Overnight good points had been fueled by an earnings beat on Wednesday from Meta (beforehand Facebook). With market expectations for Meta set extraordinarily low following final quarter’s debacle, the beat propelled NQ to 13340 throughout the in a single day session. Gains had been trimmed throughout the European session and following the opening bell in New York. Despite the perky nature of the index on Thursday, the bigger image downtrend stays firmly intact heading into subsequent week’s FOMC assembly.

It would seem that we stay in a “sell the rally” setting, as merchants have rushed to cost in an aggressive tightening of economic situations. High progress tech names have acquired essentially the most notable haircut(s) to valuation, which has pulled the Nasdaq down over 20% YTD. So lengthy because the bond rout continues, frothy tech names could proceed to battle.

Nasdaq 100 Futures 4 Hour Chart

Nasdaq 100 Sits in Positive Territory as Apple Earnings Come into Focus

Chart created with Buying and sellingView

As I discussed, tech has largely been put by way of the woodchipper of late. ARKK, the innovation ETF run by Cathie Wood, has fallen sharply from its post-pandemic highs. ARKK is down greater than 6% on the day, and sits roughly 70% from its 2021 peak. The ache on Tuesday was attributable to Teledoc Health, which dropped virtually 50% after reporting earnings on Wednesday. As tech shares proceed to point out vital weak spot, ARKK falls nearer to it’s March 2020 low of $33.

ARKK ETF Weekly Chart

Nasdaq 100 Sits in Positive Territory as Apple Earnings Come into Focus

Chart created with Buying and sellingView

Despite the clouded outlook for the tech sector, market members will likely be hoping {that a} sturdy quarter from Apple could spark a short-term fairness rebound. Given Apple’s weighting in a number of fairness benchmarks, the quarterly outcomes are actually a significant market occasion. Commentary on provide chain points will likely be key, as latest international occasions have dampened smartphone demand.

The road is searching for revenues of $94.15 billion and EPS (earnings per share) of $1.43. If Apple is ready to beat high and backside line estimates, in addition to supply constructive steerage on China, markets could look to get up from their latest hunch. Ahead of the shut, Apple shares had been increased by roughly 3%.

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— Written by Brendan Fagan, Intern

To contact Brendan, use the feedback part beneath or @BrendanFaganFX on Twitter

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