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NASDAQ 100 rebounds as Iran strike plans are canceled
A drop in oil prices and a July 29 Fed decision to hold rates at 3.5% to 3.75% helped boost risk appetite in large-cap technology stocks.
Renewed optimism about US technology stocks lifted the Nasdaq 100 after President Donald Trump announced the cancellation of a planned strike on Iran and said he intends to resume negotiations, a shift that coincided with a sharp decline in oil prices, Action Forex said.
The outlet added that investors also drew comfort from the Federal Reserve’s earlier decision on July 29 to keep the benchmark interest rate unchanged in the 3.5% to 3.75% range, though it noted the vote was not unanimous. Together, it said the developments helped restore risk appetite, particularly for large-cap technology names.
Action Forex described the index’s technical picture as recovering from a short-term downtrend, with the Nasdaq 100 reversing near 27,100, breaking above a descending trendline, and recovering roughly half of the prior decline. It said the index has since traded above its upper market-profile boundary at about 28,600, after a period of consolidation.
Looking ahead, the analysis said the Nasdaq 100’s near-term direction may hinge on developments around Iran negotiations, warning that geopolitical deterioration could bring back selling pressure. It also cited key technical levels including a point of highest trading activity near 28,400, resistance around 29,200, and support areas near 27,750 and 27,250, while noting the RSI and moving-average readings were not fully confirming the bullish move.
Latest closeNasdaq Comp. 25,913.90 ▲2.1%