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Nasdaq 100 consolidates as geopolitics and yields counter tech gains
After testing 30,000 multiple times, the index is stuck between a CPI driven rebound in tech and renewed US-Iran tensions that have lifted oil prices and Treasury yields.
The Nasdaq 100 has been caught between cooling inflation and persistent geopolitical risk, leaving the index in a consolidation phase with a bearish tilt, Action Forex writes. The rebound followed a June CPI print on 14 July that came in softer than expected, easing near term Fed tightening expectations and lifting tech stocks, particularly semiconductors, after they had been pressured.
That relief has been repeatedly challenged by renewed US Iran hostilities. The renewed tension has pushed oil prices higher and lifted US Treasury yields, which has weighed on rate sensitive growth stocks throughout the week, as every attempt to recover has coincided with only brief easing in tensions.
Action Forex points to semiconductors as the Nasdaq 100’s clearest fault line, even as broader sentiment improves. The article also notes that SpaceX was added to the index on 8 July, bringing a steady stream of passive buying, and that the start of earnings season is keeping investors focused on both fundamentals and geopolitics.
On the technical side, the Nasdaq 100 has tested the 30,000 zone three separate times and has struggled to build fresh momentum, with a descending trendline respected for roughly a month and no higher highs. The index is looking at a key 28,800 to 29,000 resistance area after bouncing from 28,200 to 28,300, a level that previously acted as a floor in early June, and Action Forex says the picture remains fragile as long as geopolitical risk stays elevated.
Latest closeNasdaq Comp. 25,881.95 ▼1.5%