NASDAQ 100 Index Slips But Set To Post The 4th Consecutive Weekly Gain
The Nasdaq 100 index is showing a 0.3% pullback on Friday as the index opened slightly lower. However, the index is set to close the 4th consecutive week in green. It is up 115 points this week as the tech stocks are experiencing a remarkable rally from their last month’s lows.
At press time, the tech-heavy index was down 38 points due to the profit-taking after a good week for the stock market. On the same day, the S&P 500 showed more resistance and was down a modest 0.03% till press time.
The ongoing rally in the US equities has taken many bears off guard. So much so that the hedge funds reportedly lost $43 billion while shorting the stocks last week. This marks an incredible bounce fuelled by the improved market sentiment around the risk assets.
The rally started with the second consecutive pause in rate hikes and then caught fire after the October CPI data showed a decreasing inflating. Consequently, the NASDAQ 100 index is fondling with the 16,000 points level and the outlook is looking very positive.
However, it is worth mentioning here that the bears might come into play again if the index gains acceptance below 15,935 points in the coming days.